<SEC-DOCUMENT>0001292814-18-001749.txt : 20180514
<SEC-HEADER>0001292814-18-001749.hdr.sgml : 20180514
<ACCEPTANCE-DATETIME>20180514061332
ACCESSION NUMBER:		0001292814-18-001749
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20180330
FILED AS OF DATE:		20180514
DATE AS OF CHANGE:		20180514

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP
		CENTRAL INDEX KEY:			0001170858
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31317
		FILM NUMBER:		18828593

	BUSINESS ADDRESS:	
		STREET 1:		RUA COSTA CARVALHO, 300
		STREET 2:		SAO PAULO
		CITY:			SP
		STATE:			D5
		ZIP:			05429-900
		BUSINESS PHONE:		011-55-11-3388-8000

	MAIL ADDRESS:	
		STREET 1:		RUA COSTA CARVALHO, 300
		STREET 2:		SAO PAULO
		CITY:			SP
		STATE:			D5
		ZIP:			05429-900
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>sbspr1q18_6k.htm
<DESCRIPTION>SABESP ANNOUNCES 1Q18 RESULTS
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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV>

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

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

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

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

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

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<DIV><FONT color=#000000 size=2 face="Times New Roman"><B>For&nbsp;May, 2018</B></FONT></DIV><FONT color=#000000 size=2 face="Times New Roman"><B>(Commission File No. 1-31317) </B></FONT></DIV>

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

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

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

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

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

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

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

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

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

<P></P>

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

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

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" face=Arial,sans-serif>CIA. DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO - SABESP<BR></FONT></B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Rui de Britto &#193;lvares Affonso<BR></FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Chief Financial Officer and Investor Relations Officer<BR></FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Mario Azevedo de Arruda Sampaio<BR></FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Head of Capital Markets and Investor Relations</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0.25in 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 16pt; LINE-HEIGHT: 90%" color=navy face=Arial,sans-serif>SABESP announces 1Q18 results</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>S&#227;o Paulo, May 10, 2018 - </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> (B3: SBSP3; NYSE: SBS), one of the largest water and sewage services providers in the world based on the number of costumers, announces today its </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1Q18 results</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>. The Company&#8217;s operating and financial information, except when indicated otherwise is presented in Brazilian Reais, in accordance with the Brazilian Corporate Law. </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>All comparisons in this release, unless otherwise stated, refer to the same period of 2017</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>.</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>SBSP3: R$ 30.73/share<BR></FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>SBS: US$ 8.58 (ADR=1 share)<BR></FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Total shares: 683,509,869<BR></FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Market value: R$ 20.04 billion<BR></FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Closing quote: 05/10/2018</FONT></P>

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

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   <TD width="100%" colSpan=6 align=right><B><I><FONT style="FONT-SIZE: 8pt" face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$ million</FONT></I></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

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   <TD bgColor=#333399 width="12%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q18</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q17&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="12%" align=center><STRONG><FONT color=#ffffff size=2 face=Arial>Chg. (R$)</FONT></STRONG></TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD bgColor=#eeece1 width="2%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="50%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Gross operating revenue &#185;</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>3,280.8</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>3,029.3</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>251.5</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>8.3</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD width="2%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="50%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Construction revenue</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>647.2</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>722.9</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(75.7)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(10.5)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD bgColor=#eeece1 width="50%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>COFINS and PASEP and TRCF taxes &#178;</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(228.4)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(193.4)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(35.0)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>18.1</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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

   <TD width="50%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Net operating revenue</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>3,699.6</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>3,558.8</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>140.8</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>4.0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD bgColor=#eeece1 width="50%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Costs and expenses</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(1,998.7)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(1,832.0)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(166.7)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>9.1</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD width="50%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Construction costs</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(632.7)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(707.2)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>74.5</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(10.5)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD bgColor=#eeece1 width="50%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Equity result</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2.8</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1.8</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1.0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>55.6</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD width="50%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Other operating revenue (expenses), net</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>11.5</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>10.6</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>0.9</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>8.5</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD bgColor=#eeece1 width="2%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(=)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="50%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Earnings before financial result, income tax and social contribution</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,082.5</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,032.0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>50.5</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>4.9</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD width="2%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="50%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Financial result</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(193.9)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>3.8</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(197.7)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(5,202.6)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD bgColor=#eeece1 width="2%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(=)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="50%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Earnings before income tax and social contribution</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>888.6</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,035.8</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(147.2)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(14.2)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="50%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Income tax and social contribution</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(308.2)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(361.4)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>53.2</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(14.7)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="2%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(=)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="50%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Net income</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>580.4</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>674.4</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(94.0)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(13.9)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="2%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="50%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Earnings per share* (R$)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>0.85</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>0.99</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="12%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="12%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD rowSpan=2 width="100%" colSpan=6 align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#185; Includes Revenue from Regulatory, Control and Inspection Fee (TRCF - Taxa de Regula&#231;&#227;o, Controle e Fiscaliza&#231;&#227;o), in the </FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">amount of R$ 15.5 million.</FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=6 align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#178; Includes TRCF transfers in the amount of R$ 13.5 million.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=6 align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">* Total shares = 683,509,869</FONT></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>Adjusted EBITDA Reconciliation&nbsp;(Non-accounting measures)</FONT></B></P>

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<TR>

   <TD width="100%" colSpan=6><FONT style="FONT-SIZE: 5pt">&nbsp;</FONT></TD></TR>

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   <TD width="100%" colSpan=6 align=right><B><I><FONT style="FONT-SIZE: 8pt" face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$ million</FONT></I></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 width="3%" align=left>&nbsp;</TD>

   <TD bgColor=#333399 width="49%" align=left>&nbsp;</TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q18</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Chg. (R$)</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD bgColor=#eeece1 width="49%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Net income</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>580.4</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>674.4</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(94.0)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(13.9)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD width="49%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Income tax and social contribution</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>308.2</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>361.4</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(53.2)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(14.7)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD bgColor=#eeece1 width="49%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Financial result</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>193.9</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3.8)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>197.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(5,202.6)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD width="49%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Other operating revenues (expenses), net</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(11.5)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(10.6)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(0.9)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.039pt" bgColor=#eeece1 width="3%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(=)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="49%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Adjusted EBIT*</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,071.0</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,021.4</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>49.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4.9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD width="49%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Depreciation and amortization</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>328.0</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>332.0</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(4.0)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1.2)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.039pt" bgColor=#eeece1 width="3%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(=)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="49%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Adjusted EBITDA **</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,399.0</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,353.4</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>45.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="49%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(%) Adjusted EBITDA margin</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>37.8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>38.0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=6 align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Arial,Helvetica,sans-serif>* ADJUSTED EBIT is net income before: (i) other operating revenues / expenses, net; (ii) financial result; and (iii) income tax and social contribution.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD rowSpan=2 width="100%" colSpan=6 align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Arial,Helvetica,sans-serif>** Adjusted EBITDA is net income before: (i) depreciation and amortization expenses; (ii) income tax and social contribution; (iii) financial result; and (iv) </FONT><FONT style="FONT-SIZE: 8pt" face=Arial,Arial,Helvetica,sans-serif>other operating revenues / expenses, net.</FONT></TD></TR>

<TR vAlign=bottom></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.55pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" face=arial,sans-serif>* Adjusted EBIT</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: none" face=arial,sans-serif> is net income before: (i) other operating revenues / expenses, net; (ii) financial result; and (iii) income tax and social contribution.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.55pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" face=arial,sans-serif>** </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: none" face=arial,sans-serif>Adjusted EBITDA is net income before: (i) depreciation and amortization expenses; (ii) income tax and social contribution; (iii) financial result; and (iv) other operating revenues / expenses, net.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>In 1Q18, net operating revenue, which considers construction revenue, totaled R$ 3,699.6 million, a growth of 4% over the same period of last year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Costs and expenses, which include construction costs, totaled R$ 2,631.4 million, 3.6% up on 1Q17.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Adjusted EBIT, in the amount of R$ 1,071.0 million, increased 4.9% when compared to the R$ 1,021.4 million reported in 1Q17.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Adjusted EBITDA, in the amount of R$ 1,399.0 million, increased 3.4% when compared to the R$ 1,353.4 million reported in 1Q17 (R$ 5,314.8 million in the last 12 months).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Adjusted EBITDA margin in 1Q18 was 37.8%, against 38.0% in 1Q17 (36.0% in the last 12 months).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Excluding the effects of revenue and construction costs, adjusted EBITDA margin resulted in 45.4% in 1Q18 (47.2% in 1Q17 and 44.9% in the last 12 months).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>In 1Q18 the company recorded a net income of R$ 580.4 million, compared to a net income of R$ 674.4 &nbsp;&nbsp;million in 1Q17</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>Page 2 of 12</FONT> </P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.5in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 14pt; LINE-HEIGHT: 200%" color=navy face=Arial,sans-serif>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 200%" color=navy face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 14pt; LINE-HEIGHT: 200%" color=navy face=Arial,sans-serif>Gross operating revenue</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The gross operating revenue related to the sanitation services, in the amount of R$ 3,280.8 million, which does not consider construction revenue, increased by R$ 251.5 million or 8.3%, when compared to R$ 3,029.3 million in 1Q17.</FONT></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Tariff repositioning index of 7.9% since November 2017; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>2.1% increase in total billed volume, 2.1% in water and 2.0% in sewage.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>The increase caused by the above-mentioned facts was offset by the recognition of higher estimated losses on wholesale revenue in 1Q18, in the amount of R$ 36.1 million, due to lower payment received in the period, mainly from the municipality of Guarulhos. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Construction revenue decreased by R$ 75.7 million or 10.5%, when compared to the previous year. The variation is mainly due to the lower investments in the municipalities served by the Company.</FONT></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>The tables below show the water and sewage billed volume in quarterly terms, per customer category and region.</FONT></P>

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   <TD width="19%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

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   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

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   <TD width="100%" colSpan=10 align=center><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>WATER AND SEWAGE BILLED VOLUME</FONT></B><FONT style="FONT-SIZE: 10pt"><B><SUP><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1) </FONT></SUP></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>PER CUSTOMER CATEGORY - million m</FONT></B></FONT><B><SUP><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></SUP></B></TD></TR>

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   <TD bgColor=#333399 width="19%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>Water</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sewage</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="18%" colSpan=2 align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>Water + Sewage</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 width="19%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>Category</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q18</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q17</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q18</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q17</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q18</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q17</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="19%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Residential</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>406.8</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>398.9</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2.0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>346.5</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>338.1</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2.5</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>753.3</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>737.0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2.2</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Commercial</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>42.0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>41.5</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1.2</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>40.0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>39.5</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1.3</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>82.0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>81.0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1.2</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="19%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Industrial</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>7.8</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>7.8</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 3pt" bgColor=#eeece1 width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>9.7</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>9.3</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>4.3</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>17.5</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>17.1</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2.3</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Public</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>9.7</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>9.9</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(2.0)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>8.7</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>8.7</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 8.279pt" width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>18.4</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>18.6</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(1.1)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="19%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total retail</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>466.3</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>458.1</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1.8</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>404.9</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>395.6</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2.4</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>871.2</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>853.7</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2.0</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Wholesale </FONT><FONT style="FONT-SIZE: 10pt"><SUP><FONT face=Arial,Arial,Helvetica,sans-serif>(3)</FONT></SUP>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>64.7</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>61.9</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>4.5</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>7.7</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>9.0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(14.4)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>72.4</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>70.9</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2.1</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="19%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>531.0</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>520.0</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2.1</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>412.6</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>404.6</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2.0</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>943.6</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>924.6</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2.1</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=10>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=10 align=center><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>WATER AND SEWAGE BILLED VOLUME</FONT></B><FONT style="FONT-SIZE: 10pt"><B><SUP><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1) </FONT></SUP></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>PER REGION - million m</FONT></B></FONT><B><SUP><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></SUP></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 width="19%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="18%" colSpan=2 align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>Water</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="18%" colSpan=2 align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sewage</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="18%" colSpan=2 align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>Water + Sewage</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 width="19%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>Region</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q18</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q17</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q18</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q17</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q18</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q17</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="19%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Metropolitan</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>299.7</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>292.9</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2.3</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>260.7</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>254.0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2.6</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>560.4</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>546.9</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2.5</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Regional </FONT><FONT style="FONT-SIZE: 10pt"><SUP><FONT face=Arial,Arial,Helvetica,sans-serif>(2)</FONT></SUP>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>166.6</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>165.2</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>0.8</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>144.2</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>141.6</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1.8</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>310.8</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>306.8</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1.3</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="19%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total retail</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>466.3</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>458.1</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1.8</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>404.9</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>395.6</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2.4</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>871.2</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>853.7</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2.0</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Wholesale </FONT><FONT style="FONT-SIZE: 10pt"><SUP><FONT face=Arial,Arial,Helvetica,sans-serif>(3)</FONT></SUP>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>64.7</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>61.9</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>4.5</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>7.7</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>9.0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(14.4)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>72.4</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>70.9</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2.1</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="19%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>531.0</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>520.0</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2.1</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>412.6</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>404.6</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2.0</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>943.6</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>924.6</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2.1</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=10><FONT style="FONT-SIZE: 5pt">&nbsp;&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.189pt" width="100%" colSpan=10 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1) Unaudited</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.189pt" width="100%" colSpan=10 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2) Including coastal and interior region</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.189pt" width="100%" colSpan=10 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3) Reused water volume and non-domestic sewage are included in</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.55pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV></DIV><FONT face=Arial></FONT>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>Page 3 of 12</FONT>

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

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

<P style="MARGIN: 0in 0in 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif></FONT></B></P>

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



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   <TD width="33%"></TD>

   <TD width="33%">
   <IMG border=0 src="sbstop.gif"></TD>

   <TD width="33%"></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Costs, administrative and selling expenses and construction costs increased by R$ 92.2 million in 1Q18 (3.6%). Excluding construction costs, there was an increase of R$ 166.7 million (9.1%).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>As a percentage of net revenue, costs, administrative and selling expenses and construction costs represented 71.1% in 1Q18, against 71.3% in 1Q17.</FONT></P>

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



<TR>

   <TD width="100%" colSpan=5><FONT style="FONT-SIZE: 5pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=5 align=right><B><I><FONT style="FONT-SIZE: 8pt" face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$ million</FONT></I></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 width="52%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q18</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q17</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>Chg. (R$)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #333399; TEXT-INDENT: 0pt" width="12%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="52%" align=left>

   <P style="MARGIN-LEFT: 2pt"><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Salaries and payroll charges and Pension plan obligations</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>630.0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>588.4</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>41.6</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>7.1</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 2pt"><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>General supplies</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>55.0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>36.0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>19.0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>52.8</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="52%" align=left>

   <P style="MARGIN-LEFT: 2pt"><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Treatment supplies</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>75.9</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>71.3</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>4.6</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>6.5</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 2pt"><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Services</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>377.1</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>282.8</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>94.3</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>33.3</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="52%" align=left>

   <P style="MARGIN-LEFT: 2pt"><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Electricity</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>221.9</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>199.7</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>22.2</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>11.1</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 2pt"><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>General expenses</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>246.2</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>209.9</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>36.3</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>17.3</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="52%" align=left>

   <P style="MARGIN-LEFT: 2pt"><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Tax expenses</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>16.0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>25.8</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(9.8)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(38.0)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="52%" align=left>

   <P style="MARGIN-LEFT: 2pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sub-total</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD bgColor=#eeece1 width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,622.1</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,413.9</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>208.2</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>14.7</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 2pt"><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Depreciation and amortization</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>328.0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>332.0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(4.0)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(1.2)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="52%" align=left>

   <P style="MARGIN-LEFT: 2pt"><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Allowance for doubtful accounts</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>48.6</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>86.1</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(37.5)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(43.6)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 2pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sub-total</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>376.6</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>418.1</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(41.5)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(9.9)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD bgColor=#eeece1 width="52%" align=left>

   <P style="MARGIN-LEFT: 2pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Costs, administrative and selling expenses</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD bgColor=#eeece1 width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,998.7</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,832.0</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>166.7</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>9.1</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 2pt"><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Construction costs</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>632.7</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>707.2</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(74.5)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(10.5)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD bgColor=#eeece1 width="52%" align=left>

   <P style="MARGIN-LEFT: 2pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Costs, adm &amp; selling expenses and construction costs</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD bgColor=#eeece1 width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,631.4</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,539.2</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>92.2</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.6</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #333399 2px solid" width="52%" align=left>

   <P style="MARGIN-LEFT: 2pt"><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>% of net revenue</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>71.1</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>71.3</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="12%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="12%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>5.1. Salaries and payroll charges and Pension plan obligations</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>In 1Q18, there was an increase of R$ 41.6 million or 7.1%, chiefly due to the following factors:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=red face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Increase of R$ 22.2 million, mainly due to the salary increase of 3.71%, in May 2017 and the application of 1.7% referring to the Carrier and Salary Plan, in February 2018;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Increase of R$ 7.4 million in provision referring to TAC (Conduct Adjustment Term) of retirees; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Increase of R$ 5.7 million in overtime expenses; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Increase of R$ 4.7 million in health care.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>5.2. General Supplies</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Increase of R$ 19.0 million or 52.8%, due to the following factors:<BR>&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Increase of R$ 8.1 million, resulting from the greater application of materials for maintenance in networks and connections of water and sewage; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Greater application of materials for conservation of properties, furniture and equipment, in the amount of R$ 6.7 million.</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>Page 4 of 12</FONT>

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<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>5.3 Services</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Growth of R$ 94.3 million or 33.3%, due to the following factors:</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif><BR>&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Higher estimate of expenses, in the amount of R$ 47.5 million, due to an increase in several services contracted in 1Q18, mainly in water and sewage connections and network maintenance; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Increase of R$ 15.8 million in advertising campaigns; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Increase in expenses with credit recovery, in the amount of R$ 7.3 million.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif><BR>&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=navy face=Arial,sans-serif>5.4. Electricity</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=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Electricity expenses totaled R$ 221.9 million in 1Q18, an increase of R$ 22.2 million or 11.1% compared to R$ 199.7 million in 1Q17. This variation was mainly due to:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Average increase of 0.8% in the free market tariffs (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>ACL - Ambiente de Contrata&#231;&#227;o Livre</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>), with an increase of 13.4% in consumption;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Average reduction of 9.9% in the grid market tariff (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>TUSD - Tarifas de Uso do Sistema de Distribui&#231;&#227;o</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>), with a 12.3% increase in consumption; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Average increase of 1.7% in the regulated market tariffs (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>ACR - Ambiente de Contrata&#231;&#227;o Regulada</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>), with a decrease of 6.9% in consumption.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>In 1Q18, the ACL accounted for 36.2% of the total electricity consumed by the Company, TUSD accounted for 35.9% and ACR represented 27.9% of that amount.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT size=2 face=Arial><BR></FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>5.5. General expenses<BR>&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Increase of R$ 36.3 million or 17.3%, totaling R$ 246.2 million in 1Q18, against R$ 209.9 million in 1Q17, due to the following factors:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Higher provision for transfer to the Municipal Fund of Environmental Sanitation and Infrastructure, in the amount of R$ 17.2 million, due to the increase in revenue obtained with the municipality of S&#227;o Paulo;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Increase in expenses related to water use, in the amount of R$ 4.9 million; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif>Greater provisioning for lawsuits in 1Q18, in the amount of R$ 4.1 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif><BR>5.6. Allowance for doubtful accounts</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Decrease of R$ 37.5 million, mainly due to higher recovery of unpaid amounts in 1Q18.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Page 5 of 12</FONT></P>

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

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

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   <TD width="100%" colSpan=5 align=right><B><I><FONT style="FONT-SIZE: 8pt" face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$ million</FONT></I></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

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   <TD bgColor=#333399 width="52%" align=left>&nbsp;</TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q18</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Chg. R$</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 16.44pt" bgColor=#333399 width="12%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD></TR>

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   <TD bgColor=#eeece1 width="52%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Financial expenses, net of income</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(67.2)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(68.9)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2.5)</FONT>&nbsp;</TD></TR>

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   <TD width="52%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Net monetary and exchange variation</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(126.7)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>72.7</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(199.4)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(274.3)</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="52%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial result</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(193.9)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.8</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(197.7)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(5,202.6)</FONT></B>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>6.1. Financial expenses, net of income</FONT></B></P>

<DIV align=left>

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



<TR>

   <TD width="52%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=5 align=right><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="FONT-SIZE: 10pt"></FONT><B><I><FONT style="FONT-SIZE: 8pt" face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$ million</FONT></I></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 width="52%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q18</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q17</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>Chg. R$</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #333399; TEXT-INDENT: 0pt" width="12%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="52%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Financial expenses</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.997pt" width="52%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Interest and charges on international loans and financing</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(78.2)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(64.8)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(13.4)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>20.7</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.997pt" bgColor=#eeece1 width="52%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Interest and charges on domestic loans and financing</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(36.6)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(22.2)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(14.4)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>64.9</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.997pt" width="52%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Other financial expenses</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(14.9)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(42.1)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>27.2</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(64.6)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="52%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total financial expenses</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(129.7)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(129.1)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(0.6)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>0.5</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Financial income</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>62.5</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>60.2</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2.3</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>3.8</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="52%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial expenses net of income</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(67.2)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(68.9)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1.7</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2.5)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: none" color=black face=arial,sans-serif>Decrease of R$ 1.7 million, mainly due to the following factors:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: none" color=red face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Increase of R$ 13.4 million in interest and charges on domestic loans and financing, mainly due to the lower capitalization of interest in works in progress in 1Q18, when compared to the capitalization recorded in 1Q17;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Increase of R$ 14.4 million in interest and charges on international loans and financing, mainly due to the appreciation of the US dollar against the real in 1Q18, compared to the devaluation in 1Q17 (0.5% and -2.8% respectively), and higher appreciation of the yen against the real in 1Q18, when compared to the appreciation in 1Q17 (6.3% and 1.9%, respectively); and </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Decrease of R$ 27.2 million in other financial expenses, largely due to the lower provisioning of interest on lawsuits in 1Q18.</FONT></P>

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

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: none" color=navy face=arial,sans-serif>6.2. Monetary and exchange variation, net</FONT></B></P>

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



<TR>

   <TD width="52%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=5 align=right><B><I><FONT style="FONT-SIZE: 8pt" face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$ million</FONT></I></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 width="52%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q18</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q17</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>Chg. R$</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #333399; TEXT-INDENT: 0pt" width="12%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="52%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Monetary variation on loans and financing</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(19.6)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(21.8)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2.2</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(10.1)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Currency exchange variation on loans and financing</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(112.0)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>89.3</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(201.3)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(225.4)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="52%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Other monetary variations</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(9.7)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(15.5)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>5.8</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(37.4)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Monetary/exchange rate variation on liabilities</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(141.3)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>52.0</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(193.3)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(371.7)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="52%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Monetary/exchange rate variation on assets</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>14.6</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>20.7</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(6.1)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(29.5)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="52%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Monetary/exchange rate variation, net</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(126.7)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>72.7</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(199.4)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="12%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(274.3)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The effect on the net monetary/exchange rate variation 1Q18 was R$ 199.4 million higher than in 1Q17, with highlight to the R$ 201.3 million increase in the exchange rate variation on loans and financing, due to the appreciation of the dollar against the real in 1Q18, compared to the devaluation in 1Q17 (0.5% and -2.8%, respectively), and higher appreciation of the yen against the real in 1Q18, when compared to the appreciation registered in 1Q17 (6.3% and 1.9%, respectively). </FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>Page 6 of 12</FONT>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif><BR>7. Income tax and Social contribution</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" 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" color=black face=Arial,sans-serif>The Company recorded a decrease of R$ 53.2 million, due to the lower taxable result presented in 1Q18, mainly resulting from the appreciation of the US dollar against the real, compared to the devaluation in 1Q17 and the higher appreciation of the yen against the real, when compared to the appreciation registered in 1Q17.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>8. Indicators</FONT></B><FONT lang=EN-US style="FONT-SIZE: 4pt" color=black face=Arial,sans-serif><BR><BR></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>8.1. Operating </FONT></B></P>

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

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   <TD bgColor=#333399 width="64%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating indicators </FONT></B><FONT style="FONT-SIZE: 10pt"><B><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>*</FONT></B>&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q18</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q17</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 2.999pt" bgColor=#eeece1 width="64%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Water connections </FONT><FONT style="FONT-SIZE: 10pt"><SUP><FONT face="Cambria,Times New Roman,Times,serif">(1)</FONT></SUP>&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>8,908</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>8,703</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2.4</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 2.999pt" width="64%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Sewage connections </FONT><FONT style="FONT-SIZE: 10pt"><SUP><FONT face="Cambria,Times New Roman,Times,serif">(1)</FONT></SUP>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>7,345</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>7,140</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2.9</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 2.999pt" bgColor=#eeece1 width="64%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Population directly served - water </FONT><FONT style="FONT-SIZE: 10pt"><SUP><FONT face="Cambria,Times New Roman,Times,serif">(2)</FONT></SUP>&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>24.9</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>24.8</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>0.4</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 2.999pt" width="64%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Population directly served - sewage </FONT><FONT style="FONT-SIZE: 10pt"><SUP><FONT face="Cambria,Times New Roman,Times,serif">(2)</FONT></SUP>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>21.6</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>21.3</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1.4</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 2.999pt" bgColor=#eeece1 width="64%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Number of Employees</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>13,610</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>14,086</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(3.4)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 2.999pt" width="64%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Water volume produced in the quarter </FONT><FONT style="FONT-SIZE: 10pt"><SUP><FONT face=Arial,Arial,Helvetica,sans-serif>(3)</FONT></SUP>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>702</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>700</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>0.3</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 2.999pt" bgColor=#eeece1 width="64%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>IPM - Measured water loss (%)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>30.4</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>31.5</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(3.5)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #333399 2px solid; TEXT-INDENT: 2.999pt" width="64%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>IPDt (liters/connection x day)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>298</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>308</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(3.2)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD width="100%" colSpan=4><FONT style="FONT-SIZE: 5pt">&nbsp;&nbsp; </FONT></TD></TR>

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   <TD style="TEXT-INDENT: 0.48pt" width="100%" colSpan=4 align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">(1) Total connections, active and inactive, in thousand units at the end of the period</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 0.48pt" width="100%" colSpan=4 align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">(2) In million inhabitants, at the end of the period. Not including wholesale</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 0.48pt" width="100%" colSpan=4 align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">(3) In millions of cubic meters</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 0.48pt" width="100%" colSpan=4 align=left><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">(*) Unaudited</FONT></TD></TR></TABLE>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>8.2. Financial</FONT></B></P>

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

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   <TD bgColor=#333399 width="76%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>Economic Variables at the close of the quarter*</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q18</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="12%" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q17</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD bgColor=#eeece1 width="76%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Amplified Consumer Price Index (%)</FONT><FONT style="FONT-SIZE: 10pt"><SUP><FONT face=Arial,Arial,Helvetica,sans-serif>(1)</FONT></SUP>&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>0.70</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>0.96</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD width="76%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>National Consumer Price Index</FONT><FONT style="FONT-SIZE: 10pt"><SUP><FONT face=Arial,Arial,Helvetica,sans-serif>(1)</FONT></SUP>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>0.48</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>0.98</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD bgColor=#eeece1 width="76%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Consumer Price Index </FONT><FONT style="FONT-SIZE: 10pt"><SUP><FONT face=Arial,Arial,Helvetica,sans-serif>(1)</FONT></SUP>&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>0.04</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>0.38</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD width="76%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Referential Rate (1)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>0.0000</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>0.3525</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD bgColor=#eeece1 width="76%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Interbank Deposit Certificate (%)</FONT><FONT style="FONT-SIZE: 10pt"><SUP><FONT face=Arial,Arial,Helvetica,sans-serif>(2)</FONT></SUP>&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>6.39</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>12.13</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD width="76%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>US DOLAR (R$)</FONT><FONT style="FONT-SIZE: 10pt"><SUP><FONT face=Arial,Arial,Helvetica,sans-serif>(3)</FONT></SUP>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>3.3238</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>3.1684</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="76%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>YEN (R$)</FONT><FONT style="FONT-SIZE: 10pt"><SUP><FONT face=Arial,Arial,Helvetica,sans-serif>(3)</FONT></SUP>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>0.03126</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#eeece1 width="12%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>0.02844</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 5.039pt" width="100%" colSpan=3 align=left><SUP><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">(1) </FONT></SUP><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">Year-to-date in %</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 5.039pt" width="100%" colSpan=3 align=left><SUP><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">(2) </FONT></SUP><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">Last day average</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 5.039pt" width="100%" colSpan=3 align=left><SUP><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">(3) </FONT></SUP><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">R$/ sell rate previous day price</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 5.039pt" width="100%" colSpan=3 align=left><SUP><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">(*) </FONT></SUP><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">Unaudited</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>Page 7 of 12</FONT> </P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif><BR>9. Loans and financing</FONT></B></P>

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   <TD width="100%" colSpan=9 align=right><B><I><FONT style="FONT-SIZE: 8pt" face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$ million</FONT></I></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

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   <TD bgColor=#333399 width="100%" colSpan=9 align=center><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="FONT-SIZE: 10pt"></FONT><B><FONT style="FONT-SIZE: 10pt; COLOR: #ffffff" face=Arial-BoldMT,Arial,Helvetica,sans-serif>DEBT PROFILE</FONT></B></TD></TR>

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   <P style="MARGIN-BOTTOM: 2pt"><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="COLOR: #ffffff"><BR><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>INSTITUTION</FONT></B></FONT></P></TD>

   <TD bgColor=#333399 rowSpan=2 width="9%" align=center>

   <P style="MARGIN-BOTTOM: 2pt"><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="COLOR: #ffffff"><BR><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2018</FONT></B></FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 2pt"><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="COLOR: #ffffff"><BR><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2019</FONT></B></FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 2pt"><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="COLOR: #ffffff"><BR><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2020</FONT></B></FONT></P></TD>

   <TD bgColor=#333399 rowSpan=2 width="9%" align=center>

   <P style="MARGIN-BOTTOM: 2pt"><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="COLOR: #ffffff"><BR><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2021</FONT></B></FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 2pt"><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="COLOR: #ffffff"><BR><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2022</FONT></B></FONT></P></TD>

   <TD bgColor=#333399 rowSpan=2 width="9%" align=center>

   <P style="MARGIN-BOTTOM: 2pt"><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="COLOR: #ffffff"><BR><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2023</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #333399; TEXT-INDENT: 0pt" rowSpan=2 width="9%" align=center><B><FONT style="FONT-SIZE: 10pt; COLOR: #ffffff" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>2024</FONT></B><FONT style="COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt"></FONT><BR><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Onwards</FONT></B></FONT></TD>

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   <P style="MARGIN-BOTTOM: 2pt"><FONT style="COLOR: #ffffff"><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B></FONT></P></TD></TR>

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   <TD bgColor=#f2f2f2 width="28%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Local currency</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Caixa Econ&#244;mica Federal</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>52,063</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>71,159</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>73,743</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>77,573</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>81,709</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>73,856</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>832,949</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,263,052</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Debentures</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>366,754</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,029,909</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>579,963</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>476,635</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>556,106</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>359,749</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>347,850</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>3,716,966</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>BNDES</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>78,478</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>117,441</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>99,282</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>98,833</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>98,833</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>93,145</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>505,791</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,091,803</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Leasing</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>13,013</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>32,900</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>34,553</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>36,350</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>38,304</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>41,035</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>369,999</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>566,154</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Others</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,266</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,373</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,373</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,373</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,373</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,373</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2,628</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>10,759</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Interest and other charges</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>48,227</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>11,878</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>60,105</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total Local Currency</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>559,801</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,264,660</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>788,914</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>690,764</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>776,325</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>569,158</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,059,217</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,708,839</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Foreign currency</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>IADB</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>59,111</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>118,223</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>118,223</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>118,223</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>118,223</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>118,224</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,061,600</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,711,827</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>IBRD</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>10,104</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>20,208</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>20,208</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>20,208</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>20,209</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>212,175</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>303,112</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Deutsche Bank 350</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>249,285</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>244,432</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>493,717</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Eurobond</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,161,066</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,161,066</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>JICA</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>36,970</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>122,884</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>122,884</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>122,884</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>122,884</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>122,884</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,138,558</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,789,948</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>IDB 1983AB</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>79,504</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>58,806</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>57,632</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>25,568</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>25,568</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>23,750</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>270,828</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Interest and other charges</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>43,139</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>43,139</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#f2f2f2 width="28%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in foreign currency</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>468,009</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>554,449</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,480,013</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>286,883</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>286,883</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>285,067</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,412,333</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#f2f2f2 width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,773,637</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="28%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,027,810</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,819,109</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,268,927</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>977,647 </FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="9%" align=right><STRONG><FONT size=2 face=Arial>1,063,208</FONT></STRONG>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>854,225</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,471,550</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" width="9%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>12,482,476</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" size=3 face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 6pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>10. Capex</FONT></B></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1Q18 investments totaled R$ 689.2 million, including R</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>$ 172.9 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>million related to the S&#227;o Louren&#231;o PPP.</FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>11. Conference calls</FONT></B></P>

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

<DIV align=left>

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<TR style="HEIGHT: 3.5pt">

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="51%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=navy face=Arial,sans-serif>In English</FONT></U></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>May 15, 2018 - Tuesday</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>01:00 pm&nbsp; US EST / 02:00 pm &nbsp;(Bras&#237;lia)</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Dial in: + 1 (412) 317-5486</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Conference ID: Sabesp</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></I>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Replay available for 7 days</FONT></U></I></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Dial in: +1 (412) 317-0088</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Replay ID: </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=Arial,sans-serif>10116593</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Click here for the webcast</FONT></P></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="49%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=navy face=Arial,sans-serif>In Portuguese</FONT></U></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>May 15, 2018 - Tuesday</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>9:30 am&nbsp; US EST / 10:30 am (Bras&#237;lia)</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Dial in: +55 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(11) 2188-0155 </FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Conference ID: Sabesp</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></I>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Replay available for 7 days</FONT></U></I></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Dial in: +55 (11) 3127-4999</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Replay ID: 43846523</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Click here for the webcast</FONT></P></TD></TR></TABLE></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>Page 8 of 12</FONT>

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</P>

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



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   <TD width="33%"></TD></TR></TABLE><A name="page_9"></A>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif><BR>For more information, please contact:</FONT></B></P>

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

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Mario Arruda Sampaio</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Head of Capital Markets and Investor Relations</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Phone.(55 11) 3388-8664</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>E-mail: </FONT></I><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=blue face=Arial,sans-serif>maasampaio@sabesp.com.br</FONT></U></I></P>

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

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Angela Beatriz Airoldi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Investor Relations Manager</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Phone.(55 11) 3388-8793</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>E-mail: </FONT></I><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=blue face=Arial,sans-serif>abairoldi@sabesp.com.br</FONT></U></I></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=blue face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Statements contained in this press release may contain information that is forward-looking and reflects management's current view and estimates of future economic circumstances, industry conditions, SABESP performance, and financial results. Any statements, expectations, capabilities, plans and assumptions contained in this press release that do not describe historical facts, such as statements regarding the declaration or payment of dividends, the direction of future operations, the implementation of principal operating and financing strategies and capital expenditure plans, the factors or trends affecting financial condition, liquidity or results of operations are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. There is no guarantee that these results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></I></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>Page 9 of 12</FONT>

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif></FONT></B></P>

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



<TR>

   <TD width="33%"></TD>

   <TD width="33%">
   <IMG border=0 src="sbstop.gif"></TD>

   <TD width="33%"></TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;<BR>Income Statement</FONT></B></P>

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   <TD width="70%"></TD>

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   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Brazilian Corporate Law</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="30%" colSpan=2 align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>R$ '000</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#366092 width="70%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#366092 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q18</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#366092 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q17</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Operating Income</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,699,668</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,558,825</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Operating Costs</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(2,139,237)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(2,061,416)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross Profit</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,560,431</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,497,409</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating Expenses</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Selling</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(224,155)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(238,680)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.642pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Administrative revenue (expenses)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(267,980)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(239,134)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.639pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Other operating revenue (expenses), net</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>11,492</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>10,564</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating Income Before Shareholdings</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,079,788</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,030,159</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.983pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Equity Result</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2,817</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,870</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Earnings Before Financial Results, net</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,082,605</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,032,029</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.983pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Financial, net</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(81,784)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(85,869)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.983pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Exchange gain (loss), net</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(112,149)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>89,667</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Earnings before Income Tax and Social Contribution</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>888,672</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,035,827</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Income Tax and Social Contribution</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.642pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Current</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(325,870)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(350,440)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.642pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Deferred</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>17,629</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(11,025)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Income for the period</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>580,431</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>674,362</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Registered common shares ('000)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>683,509</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>683,509</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>0.85</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>0.99</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Depreciation and Amortization</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(327,899)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(331,948)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,399,012</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,353,413</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.642pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>% over net revenue</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>37.8%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>38.0%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE>

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

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>Page 10 of 12</FONT>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif></FONT></B></P>

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



<TR>

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   <TD width="33%">
   <IMG border=0 src="sbstop.gif"></TD>

   <TD width="33%"></TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>Balance Sheet</FONT></B></P>

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



<TR>

   <TD width="70%"></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Brazilian Corporate Law</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD bgColor=#366092 width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>ASSETS</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#366092 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>03/31/2018</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#366092 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2017</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current assets</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2,963,862</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2,283,047</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Trade receivables</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,762,793</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,672,595</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Related parties and transactions</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>166,053</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>180,773</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Inventories</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>75,492</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>85,671</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Restricted cash</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>14,064</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>18,822</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Currrent recoverable taxes</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>190,516</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>276,585</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Other receivables</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>167,897</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>56,592</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total current assets</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,340,677</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,574,085</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="70%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Noncurrent assets</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Trade receivables</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>217,271</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>215,910</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Related parties and transactions</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>619,465</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>634,387</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Escrow deposits</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>147,646</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>122,686</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Water National Agency ANA</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>71,552</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>70,487</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Other receivables</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>112,774</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>113,123</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="70%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Equity investments</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>40,404</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>36,932</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Investment properties</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>57,640</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>57,652</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Intangible assets</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>33,830,713</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>33,466,132</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Property, plant and equipment</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>247,472</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>255,050</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total noncurrent assets</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>35,344,937</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>34,972,359</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="70%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total assets</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>40,685,614</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>39,546,444</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="70%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD bgColor=#366092 width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>LIABILITIES AND EQUITY</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#366092 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>03/31/2018</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#366092 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2017</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current liabilities</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Trade payables</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>310,685</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>344,947</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Borrowings and financing</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,876,775</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,746,755</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Accrued payroll and related charges</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>633,146</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>588,073</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Taxes and contributions</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>126,977</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>183,965</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Dividends and interest on capital payable</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>598,612</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>598,612</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Provisions</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>584,948</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>607,959</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Services payable</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>515,852</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>408,275</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Public-Private Partnership PPP</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>76,151</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>60,007</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Program Contract Commitments</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>138,591</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>128,802</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Other liabilities</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>106,988</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>104,485</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total current liabilities</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,968,725</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,771,880</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="70%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Noncurrent liabilities</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Borrowings and financing</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>10,605,701</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>10,354,211</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Deferred income tax and social contribution</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>19,125</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>36,754</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Deferred Cofins and Pasep</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>128,769</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>130,182</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Provisions</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>449,172</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>470,245</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Pension obligations</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2,939,958</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2,932,338</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Public-Private Partnership PPP</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>3,155,812</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>3,011,409</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Program Contract Commitments</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>105,201</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>110,698</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Other liabilities</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>219,711</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>215,718</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total noncurrent liabilities</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,623,449</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,261,555</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="70%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total liabilities</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>22,592,174</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>22,033,435</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="70%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Equity</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Paid-up capital</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Profit reserve</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>8,051,110</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>8,051,110</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Other comprehensive income</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(538,101)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(538,101)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.525pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Retained earnings</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>580,431</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total equity</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>18,093,440</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,513,009</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="70%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total equity and liabilities</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>40,685,614</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>39,546,444</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>Page 11 of 12</FONT>

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif></FONT></B></P>

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



<TR>

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   <TD width="33%"></TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>Cash Flow</FONT></B></P>

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



<TR>

   <TD width="70%"></TD>

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

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

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   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Brazilian Corporate Law</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD bgColor=#366092 width="70%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#366092 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>Jan-Mar</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#366092 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>Jan-Mar</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#366092 width="70%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#366092 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>2018</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#366092 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>2017</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash flow from operating activities</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Profit before income tax and social contribution</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>888,672</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,035,827</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjustment for:</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Depreciation and amortization</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>327,899</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>331,948</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Residual value of property, plant and equipment and intangible assets written-off</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>4,282</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>11,314</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Allowance for doubtful accounts</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>48,631</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>86,136</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Provision and inflation adjustment</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>36,513</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>62,657</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Interest calculated on loans and financing payable</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>119,242</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>90,640</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Inflation adjustment and foreign exchange gains (losses) on loans and financing</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>131,664</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(67,648)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Interest and inflation adjustment losses</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>8,099</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2,950</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Interest and inflation adjustment gains</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(3,929)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(10,569)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Financial charges from customers</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(60,324)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(60,716)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Margin on intangible assets arising from concession</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(14,551)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(15,699)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Provision for Consent Decree (TAC)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>7,387</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2,314</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Equity result</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(2,817)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(1,870)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Provision from S&#227;o Paulo agreement</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>104,360</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Pension obligations</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>59,948</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>77,268</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Other adjustments</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>6,303</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(12,295)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,557,019</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,636,617</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Changes in assets</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Trade accounts receivable</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(77,646)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(49,660)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Accounts receivable from related parties</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>28,282</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>16,050</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Inventories</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>10,179</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(6,047)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Recoverable taxes</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>86,069</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>28,438</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Escrow deposits</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(21,891)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>16,047</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Other accounts receivable</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(112,021)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(71,154)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Changes in liabilities</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Trade payables and contractors</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(244,286)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(29,084)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Services payable</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>107,577</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(127,199)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Accrued payroll and related charges</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>37,686</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(5,959)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Taxes and contributions payable</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(160,978)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(78,771)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Deferred Cofins/Pasep</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(1,413)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Provisions</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(80,597)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(49,923)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Pension obligations</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(52,328)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(54,489)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Other liabilities</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>4,304</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>24,542</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash generated from operations</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,079,956</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,249,108</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Interest paid</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(196,060)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(213,824)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Income tax and contribution paid</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(221,880)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(271,672)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash generated from operating activities</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>662,016</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>763,612</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash flows from investing activities</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Acquisition of intangibles</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(229,976)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(520,886)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Restricted cash</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>4,758</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2,079</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Purchases of tangible assets</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(2,786)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(10,601)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(655)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash used in investing activities</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(228,659)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(529,408)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash flow from financing activities</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Loans and financing</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Proceeds from loans</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>943,048</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>275,208</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Repayments of loans</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(681,698)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(403,698)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Public-Private Partnership PPP</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(13,892)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(7,741)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.72pt" width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Program Contract Commitments</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>(372)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash generated by (used in) financing activities</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>247,458</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(136,603)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash reduce and cash equivalents</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>680,815</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>97,601</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Represented by:</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Cash and cash equivalents at beginning of the year</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2,283,047</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>Cash and cash equivalents at end of the year</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>2,963,862</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Arial,Helvetica,sans-serif>1,983,822</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash reduce and cash equivalents</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>680,815</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>97,601</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<DIV>

<P></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Arial>Page 12 of 12</FONT></P>

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

<P></P></DIV>

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



<P></P>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B><U>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B><U>SIGNATURE&nbsp;</U></B></FONT><FONT size=1>&nbsp;</FONT></DIV></U></B></FONT>

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

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city S&#227;o Paulo, Brazil. <BR></FONT></DIV>

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;May 11, 2018</FONT></DIV>

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

<DIV align=center>

<TABLE style="WIDTH: 70%" cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="50%" colSpan=3>

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

<TR>

   <TD height=16></TD>

   <TD height=16></TD>

   <TD height=16></TD></TR>

<TR>

   <TD vAlign=top align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></TD>

   <TD vAlign=bottom align=left>/s/&nbsp;&nbsp;<FONT style="FONT-FAMILY: times new roman" size=3>Rui de Britto &#193;lvares Affonso</FONT>&nbsp;&nbsp;&nbsp;&nbsp;

   <HR align=left color=#000000 SIZE=1 noShade>

</TD>

   <TD></TD></TR>

<TR>

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

   <TD vAlign=bottom width="53%" align=center>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">Name: Rui de Britto &#193;lvares Affonso </FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">Title: Chief Financial Officer and Investor Relations Officer </FONT></DIV></TD>

   <TD></TD></TR></TABLE></DIV>

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

<P>&nbsp;</P>

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

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P align=justify><FONT size=2 face="'Times New Roman, Times, Serif'">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

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

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