<SEC-DOCUMENT>0001292814-19-001807.txt : 20190509
<SEC-HEADER>0001292814-19-001807.hdr.sgml : 20190509
<ACCEPTANCE-DATETIME>20190508211510
ACCESSION NUMBER:		0001292814-19-001807
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20181231
FILED AS OF DATE:		20190509
DATE AS OF CHANGE:		20190508

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:		19808530

	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>sbsdf2018_6k.htm
<DESCRIPTION>FINANCIAL STATEMENTS AS AT DECEMBER 31, 2018 AND 2017
<TEXT>

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   <TITLE>sbsdf2018_6k.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>

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

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

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

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

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

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

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

<DIV align=center>

<DIV><FONT color=#000000 size=2 face="Times New Roman"><B>For&nbsp;April , 2019</B></FONT></DIV><FONT color=#000000 size=2 face="Times New Roman"><B>(Commission File No. 1-31317) </B></FONT></DIV>

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

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

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

<DIV align=center></DIV>

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

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

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

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<BR>

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

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

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<BR>

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

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

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

<P></P>

<P></P>

<P></P>

<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="MARGIN: 0in 0in 0pt"><B><FONT lang=PT-BR style="FONT-SIZE: 19pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face=georgia>Financial Statements as at </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face=georgia>December 31, 2018 and 2017</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 95%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2018 Financial Statements Table of Contents</FONT></P></TD></TR>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Independent Auditor&#8217;s Report</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-3</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Management Report</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-9</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Statement of Financial Position&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-56</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Income Statements</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-58</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Statements of Comprehensive Income</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-59</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Statements of Changes in Equity&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-60</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Statements of Cash Flows&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-61</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Statements of Value Added&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-63</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Notes to the Financial Statements&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-64</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Operations</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Basis of preparation and presentation of the financial statements</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Summary of significant accounting policies</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Changes in accounting practices and disclosures</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt" face=georgia>Risk management</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt" face=georgia>Key accounting estimates and judgments</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>7. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt" face=georgia>Cash and cash equivalents </FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>8. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt" face=georgia>Restricted cash</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>9. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt" face=georgia>Trade receivables</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>10. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Related-party balances and transactions</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>11.</FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Water National Agency </FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>- ANA</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>12.</FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Investments</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>13. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Investment properties</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>14.</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Contract asset</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>15. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Intangible assets</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>16. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Property, plant and equipment</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>17. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Borrowings and financing</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>18. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Taxes and contributions</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>19. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Deferred taxes and contributions</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>20. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Provisions</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>21. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Employees benefits</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>22. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Services payable</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>23.</FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Knowledge Retention Program</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>24. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Equity</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>25. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Earnings per share</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>26. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Business segment information</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>27. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Insurance</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>28. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Operating income</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>29. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Operating costs and expenses</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>30. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Financial income and expenses</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>31. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other operating income (expenses), net</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>32. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>C</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>ommitments</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>33. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Supplemental cash flow information</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>34. </FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Events after the reporting period</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Executive Officers&#8217; Statement</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-187</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Fiscal Council&#8217;s Report</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-189</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Audit Committee&#8217;s Summarized Annual Report</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-190</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>2</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

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

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 16pt; LINE-HEIGHT: 110%" face=Arial,sans-serif>Independent Auditor&#8217;s Report in the Financial Statements</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>To the Shareholders, Board of Directors and Management of </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>S&#227;o Paulo &#8211; SP</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0in 3pt; TEXT-INDENT: -0.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Opinion</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0in 3pt; TEXT-INDENT: -0.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>We have audited the financial statements of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP (&#8220;the Company&#8221;), which comprise the statement of financial position as at December 31, 2018&nbsp; the statements of profit or loss and other comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising significant accounting policies and other explanatory information.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0in 3pt; TEXT-INDENT: -0.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP as at December 31, 2018, and of its financial performance and its cash flows for the year then ended in accordance with Accounting Practices Adopted in Brazil and with International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Basis for Opinion</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>We conducted our audit in accordance with Brazilian and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditors&#8217; Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the relevant ethical requirements included in the Accountant Professional Code of Ethics (&#8220;C&#243;digo de &#201;tica Profissional do Contador&#8221;) and in the professional standards issued by the Brazilian Federal Accounting Council (&#8220;Conselho Federal de Contabilidade&#8221;) and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.9pt 6pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Key Audit Matters</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.9pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Agreement with the municipality of Guarulhos </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>See Notes 3.4, 6 (a) and 9 of the financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>On December 12, 2018, the State of S&#227;o Paulo, the city of Guarulhos and SABESP, with the intermediation of SAAE, entered into a Contract for the Provision of Water Supply and Sanitary Sewage Public Services in the Municipality of Guarulhos, under which the States of S&#227;o Paulo and Guarulhos assured SABESP the right to explore the provision of such Services for a period of 40 years.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The measurement, accounting recognition and negotiation of the transaction that occurred through the exchange of accounts receivable originated from transactions occurred in previous years for the concession of the right to operate the public sanitation services of the Municipality of Guarulhos and disclosures related to said concession require Company&#8217;s judgment in the analysis of the adequacy of these criteria in relation to the following accounting standards: ICPC 01 (R1) / IFRIC 12 &#8211; Concession Contracts, OCPC 05 &#8211; Concession Contracts, CPC 04 (R1) / IAS 38 &#8211; Intangible Assets and CPC 46 / IFRS 13 &#8211; Fair Value Measurement. Due to the relevance of the accounting effects arising from such agreement with the municipality of Guarulhos, we consider this matter material for our audit.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>How our audit addressed this matter</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Our audit procedures included the understanding and assessment of the design, implementation, and operational effectiveness of controls related to the accounting of new agreements entered into with municipalities whose revenue was obtained through wholesales. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>We analyzed the contract, read and understood the terms of the agreement with the municipality of Guarulhos. We reconciled the values and documents informed in the term with the respective support documentation. We obtained the memorandum on the accounting treatment adopted by Management and made our review in light of the respective accounting standards. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Moreover, we analyzed the accounting records of accounts receivable prior to the signing of the agreement and performed procedures to evaluate the recoverability of this balance. We have also evaluated the disclosures made.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As a result of evidence from the procedures summarized above, we consider the balances recorded according to the municipality of Guarulhos and related disclosures, in the context of financial statements taken as a whole for the year ended December 31, 2018 as acceptable.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Intangible assets</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>See Notes 3.8, 6 (b), 14 and 15 of financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>During the year 2018, the Company invested R$ 4,333,672 thousand in infrastructure that comprise the basis of concession contracts and intangible assets. There are several types of transactions that affect the caption intangible assets, such as the signing of new concession contracts, municipalities where the Company has ceased operating or is not operating temporarily, evaluation of the framework of existing contracts in the accounting standard regarding concessions, additions of new infrastructures, depreciation of assets and evaluation of the construction margin comprising the balance of infrastructure built.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Due to the importance of the balances recorded under this caption, the potential financial impact arising from the signing or breaching of existing concession contracts, construction of new infrastructures and amortization of current balances, we consider this matter material for our audit.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><I><FONT lang=X-NONE style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: 110%" face=georgia></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>How our audit addressed this matter</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>We have evaluated the design, implementation and effectiveness of existing key internal controls related to new infrastructure additions, amortization of intangible assets, administration and management of new and current concession contracts, as well as the analysis of the construction margin used by the Company to check the balances recognized as intangible assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As a result of evaluating the design and effectiveness of internal controls, we planned additional procedures, when applicable, to mitigate any identified risks. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>We recalculated the amortization recognized during the year 2018 and compared them with the balances recorded, evaluated the transfer of assets under construction classified as contract assets for operation, we analysed the rates and performed procedures to recalculate the interest captalized, performed procedures to recalculate the construction margin and prepared a technical evaluation to conclude on the compliance of the concession contracts with the respective accounting standard.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>We have evaluated the disclosures made in explanatory notes regarding the requirements described in the accounting standards relevant to this matter. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Based on the result of the procedures summarized above, we consider the balances of intangible assets and related disclosures as acceptable in the context of the financial statements taken as a whole are acceptable. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Valuation of provisions for environmental contingencies</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>See Notes 3.15, 6 (e) and 20 of financial statements</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company is a defendant in tax, environmental, labor and civil administrative proceedings and lawsuits, arising from ordinary course of its activities. The environmental lawsuits are related to fines imposed by public and competent bodies on potential environmental damages caused by the Company in the Municipalities where Sabesp operates. Management, with the support and evaluation of its internal and external legal advisors, determines the likelihood of loss and the amounts involved for each lawsuit and records a provision when the criteria for recognition are met, disclosing those assessed as a possible risk (contingent liabilities).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The likelihood of loss and the estimate of the amounts involved in legal and administrative proceedings involve the use of judgment by management and its legal advisors, expert evaluations, possible changes in case law and other subjective aspects. Thus, we consider this matter material for our audit.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>How our audit addressed this matter</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>We evaluate the design, implementation and effectiveness of existing key internal controls related to the determination of estimates to record a provision or disclose the amounts in accordance with the expected loss on litigation and how to ensure the completeness and updating of the likelihood of loss by the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>We requested the Company&#8217;s legal advisors to confirm all the lawsuits, their respective assessment of risks and amounts for all proceedings in the administrative or judicial sphere.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>We obtained a sample of environmental lawsuits and involved our legal experts to evaluate the assumptions used by the Company in determining the likelihood of loss and estimated the observing the merits of the lawsuits, similar judgments, recently published information and updates regarding the progress of the lawsuits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>We have assessed the amount of the provision and the disclosures made in the explanatory notes regarding the requirements described in the accounting standards relevant to this matter.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.75pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Based on the aforementioned procedures performed and on the results obtained, we consider that the estimates prepared by Management regarding the provisions for environmental contingencies and the related disclosures in the context of the financial statements taken as a whole are acceptable. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Other matters</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: -0.5pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Statements of value added</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.7pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The statements of value added (DVA) for the year ended December 31, 2018, prepared under the responsibility of the Company&#8217;s management, and presented herein as supplementary information for IFRS purposes, have been subject to audit procedures jointly performed with the audit of the Company's financial statements.&nbsp; In order to form our opinion, we assessed whether those statements are reconciled with the financial statements and accounting records, as applicable, and whether their format and contents are in accordance with criteria determined in the Technical Pronouncement 09 (CPC 09) - Statement of Value Added issued by the Committee for Accounting Pronouncements (CPC). In our opinion, the statements of value added have been fairly prepared, in all material respects, in accordance with the criteria determined by the aforementioned Technical Pronouncement, and are consistent with the overall financial statements.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 10.85pt 3pt 0in; TEXT-INDENT: -0.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Other information accompanying the financial statements and the auditor's report</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.85pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Management is responsible for the other information comprising the management report. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.85pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.85pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 6.25pt 3pt 0in; TEXT-INDENT: -0.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Responsibilities of Management and Those Charged with Governance for the Financial Statements </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.8pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Management is responsible for the preparation and fair presentation of the financial statements in accordance with Accounting Practices Adopted in Brazil and with International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.9pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In preparing the financial statements, management is responsible for assessing the Company&#8217;s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.85pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Those charged with governance are responsible for overseeing the Company&#8217;s financial reporting process. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 5.75pt 3pt 0in; TEXT-INDENT: -0.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Auditors&#8217; Responsibilities for the Audit of the Financial Statements</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.9pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors&#8217; report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Brazilian and international standards on auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.9pt 6pt 0in"><FONT size=2 face=Georgia>As part of an audit in accordance with Brazilian and international standards on auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. <FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>We also:</FONT></FONT></P>

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   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Georgia>Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Georgia>Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s internal control.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Georgia>Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Georgia>Conclude on the appropriateness of management&#8217;s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company&#8217;s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors&#8217; report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors&#8217; report. However, future events or conditions may cause the Company to cease to continue as a going concern.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Georgia>Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Georgia>Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the financial statements.&nbsp; We are responsible for the direction, supervision and performance of the group audit.&nbsp; <FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>We remain solely responsible for our audit opinion.</FONT></FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.85pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: -0.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.85pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.85pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors&#8217; report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</FONT></P>

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<P style="MARGIN: 0in 0in 10pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>S&#227;o Paulo, March 28, 2019.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=PT-BR style="FONT-SIZE: 14pt; LINE-HEIGHT: 115%" face=calibri,sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt; LINE-HEIGHT: 115%" face=calibri,sans-serif>Management Report 2018</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0.25in 0in 0pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>MESSAGE FROM THE CEO</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#1f4e79 face=calibri,sans-serif>MAKING PROGRESS IN IMPROVING THE QUALITY OF OUR WATER</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The coming into operation in 2018 of the S&#227;o Louren&#231;o Production System and the interconnection between the Para&#237;ba do Sul Basin and the Cantareira System marked the conclusion of an important chapter among the measures employed to increase water security in the S&#227;o Paulo Metropolitan Region (SPMR). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>However, the low rainfall registered in the SPMR in 2018, particularly between the months of April and August, when the level of rainfall was below the historical average, reminded us of the climate threat that we are subject to. Luckily, we got through this period without any problems as a result of the legacy left over from the 2014-2015 crisis: the more robust infrastructure, the fact that our professionals are more experienced and better prepared to cope with adversities, and because the population is more aware of the need to save water.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>However, these conditions do not mean that we can rest on our laurels. The work continues in 2019 with the aim of obtaining licenses to start construction work for collecting the water of the Itapanha&#250; River Basin, which is a key structure for coping with future droughts in the SPMR, an area which, of course, has an extremely low water availability. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>An equally important task, the combating of water losses, which has been carried out systematically for more than 10 years now, is another initiative to be forcefully pursued based on advanced technology and partnerships, for instance the one already in place with JICA (Japan International Cooperation Agency), a Japanese government development agency.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The actions related to supply security are only one part of an effort that must provide for the systemic and sustainable management of water resources. Given this concern, we cannot lose sight of the urgent and crucial goal of universalizing access to sanitation throughout the entire area in which the company operates. With the situation having almost been resolved in the interior of the state, where the majority of the municipalities enjoy conditions on a par with the first-world and key rivers have returned to life, efforts should continue in the other regions served. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In the State of S&#227;o Paulo&#8217;s coastal region, we will continue to expand the sanitary structure by means of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Onda Limpa</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> (Clean Wave) Program, the largest sanitation project on the Brazilian coast, which has already required more than R$ 1.9 billion in investments over the 11 years since it first came into existence. In the Greater S&#227;o Paulo area, with the Tiet&#234; Project, which was initiated in 1992, at the end of 2018 we achieved the mark of 4.45 thousand km of pipelines installed. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>We will continue with the implementation of networks in the furthest outlying regions and the installation of mega-structures, such as the ITi7, an interceptor located in the Marginal Tiet&#234;, at a depth of 18 meters, 7.5 km long and 2.6 meters high. From 2020 onwards, this super tunnel will transport more than two million people&#8217;s sewage to the Barueri Sewage Treatment Station, which in 2018 saw its treatment capacity increased to 16 thousand liters a second. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The considerable investments in the metropolis also have a direct effect on the improvement of the water quality of streams and of the Tiet&#234; and Pinheiros rivers. However, it </FONT>


<FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>is essential to note that the complete decontamination and the bringing back to life of these water courses depends on the awareness and commitment of everyone. In particular it depends on the municipalities getting involved in the cleaning of towns and inspection of irregular disposal of solid waste and sewage. And the citizens, in turn, must ensure the correct disposal of urban waste and arrange for domestic sewage connections. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In this context, the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Se Liga na Rede</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> (Connect to The Network) Program should pick up speed. Organized in partnership with the State Government, it involves the expansion of sewage collection in those areas of greatest social vulnerability by means of the offer of free residential connections. The </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&#193;gua Legal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> (Legal Water) Program is another of the key actions aimed at those who most need it. As a result of this, we are bringing quality water to so-called &#8220;informal cities&#8221;, settlements that are here to stay, but which are completely neglected by the public authorities. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, 25 thousand families had their homes connected to the supply network, bringing the total number connected since the program was first implemented in 2017, to more than 95 thousand families served. In these cases, since SABESP is not legally permitted to operate in these regions, the work depends on the vital partnership with the executive and legal branches.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>2018 also saw significant results obtained in relation to the contract renewal process with a number of municipalities, increasing regulatory compliance and legal certainty with the granting authority. We also signed up three other cities to be part of the operated base, with the main highlight being the city Guarulhos which with a population of 1.3 million people is the second largest city in the State of S&#227;o Paulo.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>By adopting an immediate stance in relation to tackling a problem that has afflicted Guarulhos&#8217; residents for decades, we managed, in early 2019, to reduce the number of people affected by weekly water rationing by 700,000. By the end of this year, the situation will have been resolved throughout the entire municipality.&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>On the internal front, we completed the adjustments to ensure that we meet the requirements of the State-owned Company Law (13.303/16), made progress on compliance and risk management measures, and concluded the diagnosis of best practices and processes within the Management Excellence Model. We are now taking steps to implement the opportunities identified.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP&#8217;s acknowledged quest for excellence earned the company in 2018, three of the 11 trophies in the Best Management Awards promoted by the National Quality Foundation. We were among the finalists in the Global Water Awards which are held in Paris and which recognize companies that make a significant contribution to the international development of the water sector. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>We were ranked second among the most reliable institutions in the city of S&#227;o Paulo, according to the &#8220;Quality of Life&#8221; survey produced by Rede Nossa S&#227;o Paulo/Ibope, and once again won the Anefac Transparency award for the clarity and reliability of the figures reported in our financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>These are achievements that reaffirm a corporate governance that is committed to results. But we still have a long way to go. Without losing sight of the adaptations that are required in relation to the regulatory environment, our focus remains on upgrading our meritocracy and on improving our processes, products and services, based on increased innovation and technology. These efforts reflect the ongoing quest for efficiency in terms of customer service and universal access to drinking water and sanitation, to achieve sustainability of water throughout its entire cycle.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0.25in 0in 10pt; TEXT-INDENT: 21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#1f4e79 face=calibri,sans-serif>WORLD&#8217;S FOURTH LARGEST SANITATION COMPANY IN POPULATION SERVED</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP provides water supply, sewage collection and treatment services for residential, commercial, public sector and industrial consumers. As at December 31, 2018, it was responsible for water supply, sewage collection and treatment services in 369 municipalities in the State of S&#227;o Paulo, in addition to supplying water on a wholesale basis along with sewage services to five municipalities in the S&#227;o Paulo Metropolitan Region (SPMR), including Guarulhos, which transferred responsibility for the operation of its water distribution and sewage collection network to the Company in January 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>It is regarded as the world&#8217;s fourth largest sanitation company in terms of the population served, according to the Arup in Depth Water Yearbook 2014-2015, with 28.1 million people being supplied with water (25.1 million directly plus around 3 million residents in the municipalities served on the wholesale market) and 21.7 million people being served with sewage collection services.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0.25in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In a further four municipalities in the state, SABESP is involved in providing sanitation services as a minority shareholder in the companies &#193;guas de Castilho S.A., &#193;guas de Andradina S.A., Saneaqua Mairinque S.A. and SESAMM - Servi&#231;os de Saneamento de Mogi Mirim S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition, the Company has equity interests in the companies Aquapolo Ambiental, the largest enterprise for the production of industrial reuse water in South America (the fifth largest in the world), Attend Ambiental, which operates in the non-domestic sewage segment, and in Paulista Geradora de Energia S.A. (which is in the pre-operational phase), in the electricity segment (for more information, see Note 12 to the Financial Statements). SABESP also provides consulting services on rational water use, planning and commercial, financial and operational management, for example in Panama.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Company ended 2018 with a headcount of 14,449 employees, split between its head office, administrative units and 17 business units, which operate 75.5 thousand km of water distribution networks and 51.8 thousand km of sewage collection networks, outfalls and interceptors; 247 water treatment plants (WTPs) and 565 sewage treatment plants (STPs).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, it invested R$ 4.2 billion to boost its actions designed to help it achieve its future vision of being a worldwide benchmark in terms of providing sanitation services, in a sustainable, competitive and innovative way, with a focus on the customer. Net revenue generated in 2018 was R$ 16.1 billion with a profit of R$ 2.8 billion. Assets came to a total of R$ 43.6 billion and the company&#8217;s market value was R$ 21.5 billion as at December 31.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP has been a signatory to the United Nations Global Compact since 2007, reaffirming its mission to &#8220;provide sanitation services and contribute to improving the quality of life and of the environment&#8221;, and its operations are aligned with the Sustainable Development Goals (SDGs), which is a global agenda of the United Nations (UN) made up of 17 global goals to be achieved by 2030.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#1f4d78 face=calibri,sans-serif>KEY PERFORMANCE INDICATORS</FONT></B></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Indicators</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Unit</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>2017</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>2014</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Service</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Water service ratio</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>%</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="51%" colSpan=5>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Tending towards universalization <SUP>(1, 2)</SUP></FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Water coverage ratio</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>%</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="51%" colSpan=5>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Tending towards universalization <SUP>(1, 2)</SUP></FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Sewage collection service ratio<SUP>(2)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>%</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>83</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>83</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>82</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>83</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>82</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Sewage collection coverage ratio<SUP>(2)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>%</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>90</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>90</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>89</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>90</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>89</FONT></P></TD></TR>

<TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Ratio of households connected to sewage treatment<SUP>(3)</SUP> </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>%</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>76</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>75</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>74</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>72</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>71</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Resident population supplied with water<SUP>(4)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>thousand inhabitants</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>25,062</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>24,905</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>24,669</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>24,429</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>24,226</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Resident population provided with sewage collection<SUP>(4)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>thousand inhabitants</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>21,747</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>21,577</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>21,277</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>20,932</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>20,672</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Positive perception of customer satisfaction <SUP>(5)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>%</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>81</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>85</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>82</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>75</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>80</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #b8cce4; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="100%" colSpan=7>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>OPERATIONAL</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Water connections<SUP>(6)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>thousands</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>9,053</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>8,863</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>8,654</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>8,420</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>8,210</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Sewage connections<SUP>(6)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>thousands</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>7,495</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>7,302</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>7,091</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>6,861</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>6,660</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Length of water network <SUP>(7)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>km</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>75,519</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>74,396</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>73,015</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>71,705</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>70,800</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Length of sewage network <SUP>(7)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>km</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>51,788</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>50,991</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>50,097</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>48,774</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>47,992</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>WTP &#8211; water treatment plants</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>units</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>247</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>240</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>237</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>235</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>235</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Wells</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>units</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,114</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,110</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,093</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,085</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,055</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>STP &#8211; Sewage treatment plants</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>units</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>565</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>557</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>548</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>539</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>524</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Water losses - billing <SUP>(8)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>%</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>19.5</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>20.1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>20.8</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>16.4</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>21.3</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Water losses &#8211; relating to metering <SUP>(9)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>%</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>30.1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>30.7</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>31.8</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>28.5</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>29.8</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Water losses per connection <SUP>(10)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>liters per connection per day</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>293</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>302</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>308</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>258</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>319</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Volume of water produced</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>million m<SUP>3</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>2,800</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>2,783</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>2,696</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>2,466</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>2,840</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Volume of water metered - retail</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>million m<SUP>3</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,545</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,524</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,465</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,399</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,573</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Volume of water billed - wholesale</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>million m<SUP>3</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>263</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>257</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>227</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>216</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>247</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Volume of water billed - retail</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>million m<SUP>3</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,845</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,819</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,763</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,698</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,812</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Volume of sewage billed</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>million m<SUP>3</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,641</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,617</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,552</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,481</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,562</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Number of employees <SUP>(11)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>units</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>14,449</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>13,672</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>14,137</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>14,223</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>14,753</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Operational productivity</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>connections/ employee</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,145</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,182</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,114</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,074</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,008</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #b8cce4; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="100%" colSpan=7>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>FINANCIAL</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Gross revenues</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>R$ million</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>17,056.3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>15,374.6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>14,855.1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>12,283.5</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>11,823.4</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Net revenue</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>R$ million</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>16,085.1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>14,608.2</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>14,098.2</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>11,711.6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>11,213.2</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Adjusted EBITDA <SUP>(12)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>R$ million</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>6,540.6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>5,269.3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>4,571.5</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>3,974.3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>2,918.7</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Adjusted EBITDA margin</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>% of net revenue</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>40.7</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>36.1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>32.4</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>33.9</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>26.0</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Adjusted EBITDA margin excluding construction revenues and costs</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>% of net revenue</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>48.8</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>45.4</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>43.3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>46.6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>34.4</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Operating income <SUP>(13)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>R$ million</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>5,176.7</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>3,961.7</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>3,429.6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>3,044.0</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1,910.7</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Operating margin <SUP>(13)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>% of net revenue</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>32.1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>27.1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>24.3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>26.0</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>17.0</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Income (net profit/loss)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>R$ million</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>2,835.1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>2,519.3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>2,947.1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>536.3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>903.0</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Net margin</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>% of net revenue</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>17.6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>17.2</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>20.9</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>4.6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>8.1</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Net debt over Adjusted EBITDA <SUP>(14)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Multiple</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1.6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1.9</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>2.2</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>2.9</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>3.1</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Net debt over shareholders&#8217; equity <SUP>(14)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>%</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>51.8</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>56.1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>65.4</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>83.7</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>68.1</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Investment <SUP>(15)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>R$ million</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>4,177.4</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>3,387.9</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>3,877.7</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>3,481.8</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>3,210.6</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<DIV>

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



<TR>

   <TD vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>(1)</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: calibri">Coverage equal to 98% or more. Service equal to 95% or more.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>(2)&nbsp;</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>For methodological reasons, it includes a variation margin of plus or minus 2 percentage points.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>(3)</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>Household is the term used for the building or subdivision of a building, with occupations that are demonstrably independent of each other, collectively using a &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; single water supply and/or sewage connection</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>(4)&nbsp;</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>This Indicator Panel&#8217;s demographic data takes into account the &#8220;Projection for the Population and Households for the Municipalities of the State of S&#227;o Paulo: 2010-2050&#8221;, drawn up by the State Data Analysis System Foundation.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>(5)</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>Survey carried out in 2018 by GMR Market Intelligence (6,216 interviews across the entire operating base with a margin of error of 1.23% and a reliability interval&nbsp;&nbsp;of 95%).</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>(6)</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>Active and inactive connections and households</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>(7)</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>Includes water-mains, branch collectors, interceptors and outfalls.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>(8)</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>Includes real (or physical) loss and apparent (or non-physical) loss. The percentage of water loss represents the resulting ratio between (i) Billed Volume Lost and &nbsp;&nbsp; (ii) Volume of water Produced. The Billed Volume Lost corresponds to: Volume of Water Produced MINUS Billed Volume MINUS Volume of Uses. The volume of uses corresponds to: water used in regular maintenance of water mains and reservoirs; water used in municipalities, such as firefighting; and water supplied to irregular settlements.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>(9)</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>Includes real (or physical loss) and apparent (or non-physical) loss. The percentage of water loss represents the resulting ratio between the (i) Measured Volume Lost and the (ii) Volume of water Produced. The Measured Volume Lost corresponds to: Volume of water Produced MINUS Measured Volume MINUS Volume of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uses. The volume of uses corresponds to: water used in regular maintenance of water mains and reservoirs; water used in municipalities, such as firefighting; and water supplied to irregular settlements.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>(10)</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>Calculated by dividing the Measured Volume Lost in the year by the average amount of active water connections in the year, divided by the number of days in the year.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>(11)</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>Internal headcount. Does not include those assigned to other entities. Employees retired due to disability ceased to be taken into account from 2016 onward.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>(12)</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>Adjusted EBITDA corresponds to net earnings before: (i) depreciation and amortization expenses; (ii) income tax and social contribution (federal income taxes); (iii) financial income and (iv) other net operating expenses.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>(13)</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>Does not include financial revenues and expenses.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>(14)</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri>Net debt consists of debt, minus cash and cash equivalents.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" size=1 face=Calibri>(15)</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 3pt"><FONT style="FONT-SIZE: 7pt" face=Calibri></FONT></P><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif>Does not include financial commitments assumed in program agreements (R$ 116 million, R$ 177 million, R$ 6 million, R$ 121 million and R$ 207 million in 2014, &nbsp;&nbsp;&nbsp;&nbsp; 2015, 2016, 2017 and 2018, respectively)</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>13</FONT></FONT></P></DIV></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0.25in 0in 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>CORPORATE GOVERNANCE </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#1f4e79 face=calibri,sans-serif>MANAGEMENT THAT IS INNOVATIVE, TRANSPARENT AND AWARE OF THE SECTOR&#8217;S REQUIREMENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>As a listed company on the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Novo Mercado </FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>of B3 (the S&#227;o Paulo Stock Exchange) and on the New York Stock Exchange (American Depositary Shares - ADR Level III) since 2002, SABESP has a Corporate Governance structure that is guided by high standards in relation to ethics and conduct, which emphasizes transparency in decision-making and fairness and respect for stakeholders.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Despite already having a consolidated governance structure, over the course of 2018 the Company dedicated itself to implementing the new standards of transparency and good governance resulting from Federal Law 13.303/16, State Decree 62.349/16, the Novo Mercado&#8217;s Listing Regulations and the Brazilian Code of Corporate Governance. These measures were reflected in the adaptation of the Company&#8217;s corporate governance structure and the adjustments made to a number of documents, such as the Company&#8217;s By-laws, Code of Conduct and Integrity, internal regulations of statutory bodies and institutional policies, among others.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Highlight in 2018 also goes to the preparation of the Bidding and Procurement Internal Regulations and the setting up of the Eligibility and Advisory Committee. In addition, training courses have been provided to Directors, Officers and Members of the Fiscal Council on matters related to corporate governance and integrity, as well as an Onboarding Program for new members of the Board of Directors, Fiscal Council and Executive Board, which includes a presentation of the main information about the Company, its corporate governance and its internal controls. SABESP&#8217;s current corporate governance structure, with its functions and responsibilities, can be found in the Corporate Governance section of the Company&#8217;s website.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Integrity and transparency </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP&#8217;s Integrity Program, which was approved by the Board of Directors, is aimed at implementing a set of anti-corruption measures for preventing, detecting and remedying harmful acts against the public authorities. Backed by the Company&#8217;s Compliance Policy, the program establishes guidelines, principles and skills that direct its managers and employees to work for the company so as to ensure compliance with laws, regulations and organizational instruments, preserving the company&#8217;s assets, image, integrity and other ethical values.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The program covers two distinct scenarios, active corruption and passive corruption, and in 2018, it underwent a new restructuring in order to bring it into line with the recommendations of the Brazilian Office of the Comptroller General, as well as improvements in meeting the requirements of the Brazilian and North American Anti-Corruption Laws. In addition, the program&#8217;s restructuring took into account Federal Law 13.303/16, the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Novo Mercado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&#8217;s Regulations and the best practices recommended by the Brazilian Corporate Governance Code.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Therefore, in 2018, taking into account the Company&#8217;s risk and corporate governance profile, in addition to compliance with the legislation, 64 compliance initiatives were completed, principally the following: (i) the adoption of integrity measures among the company&#8217;s suppliers and service providers, with provisions included in contractual clauses setting out the obligation to comply with ethical standards and the prohibition of fraud and corrupt practices, and (ii) the monitoring of transactions with the Company&#8217;s related parties.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In order to promote this culture of integrity, in 2018, the Company created the Conduct and Integrity Learning Trail, which includes communication and training activities to enhance the </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>employees&#8217; knowledge of their legal requirements and responsibilities, as well as of corporate guidelines.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition to the training courses, in 2018 the Company set up and made available the trust channel, a tool that is at the disposal of the employees for settling and tackling doubts regarding ethical behavior in the carrying out of SABESP&#8217;s business at its various levels, with a guarantee of secrecy and anonymity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP is committed to improving its processes for combating corruption in its business environment. In this context, in addition to the actions implemented under its Integrity Program, in 2018 the company carried out a quantitative and qualitative self-diagnosis on the issues of integrity, prevention and combating fraud and corruption. As a result, it was possible to ascertain the program&#8217;s maturity level and to define the actions aimed at increasing and improving it in 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Lastly, the Company expresses its public commitment to ethics by means of its adherence to the Instituto Ethos&#8217; Corporate Pact for Integrity and Against Corruption and its participation in the </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>UN Global Compact&#8217;s</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Anticorruption Working Group and </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>in the Center for Governance and Business Ethics Studies of the National Quality Foundation, which launched the book Transparent Management and Integrity Systems with a case study from SABESP, as well as on the Committee for the Special Study on Organizational Governance (ABNT/CEE-309).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Whistle-Blowing Channel</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The ground rules for the company&#8217;s Directors, Officers and employees to act in an integrated and coherent way &#8203;&#8203;in the conduct of their relations and business with different counterparties are defined in SABESP&#8217;s Code of Conduct and Integrity, which was initially developed as a collaborative project in 2006, and updated in 2014 and 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In order to boost Directors&#8217;, Officers&#8217; and employees&#8217; commitment to the Code and to ensure that it remains relevant, up-to-date and sufficient, the Company has an Ethics Committee which, with effect from 2018, is now linked to the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Complaints in relation to breaches of the Code, incidents of fraud, corruption or unlawful acts or regarding any other matters that may have a negative impact on the principles and interests of SABESP, its subsidiaries and shareholders, can be made by any interested party, via the Whistle-Blowing Channel, which has been in operation since about 2006: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 28.35pt; TEXT-INDENT: -0.25in"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>e-mail: canaldedenuncia@sabesp.com.br</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 28.35pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>Direct phone line: (011) 3388-8100</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 28.35pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>Ombudsman: 0800-0550565 or e-mail: ouvidoria@sabesp.com.br</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 28.35pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>Service Center: Emergency 195: or in the S&#227;o Paulo Metropolitan Region: 0800-0119911 or in the interior of the state and in the coastal region: 0800-0550195</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 28.35pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>PO Box: 61540 - Zip Code: 05424-970</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 28.35pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>Personally or by letter addressed to the Superintend&#234;ncia de Auditoria (Audit Department): Rua Costa Carvalho, 300 - Zip Code: 05429-900</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>It is up to the Audit Committee to monitor the procedures for verifying breaches of the Code of Conduct and Integrity, as well as events registered on the Whistle-Blowing Channel. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Audit Department is responsible for processing complaints, and must make every effort to ensure the anonymity of the complainant and protect the confidentiality of the information and of those involved, in order to preserve rights and the neutrality of decisions.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>It should be noted that in October 2018, the Executive Board and the Board of Directors approved guidelines for the functioning of the Whistle-Blowing Channel, reinforcing the principles of anonymity, immediacy and secrecy, among others.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, there were 164 incidents recorded, which represents a 14% increase in relation to the previous year. Out of the total number of complaints considered to be material, penalties were imposed on 48 employees, including the company&#8217;s own employees as well as outsourced ones: 11 warnings were issued, 1 suspension was issued and 36 individuals were fired. It should be noted that there were no indications of the company&#8217;s employees being involved in cases of corruption.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Transparency</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP has been undertaking a series of measures that, in compliance with corporate governance actions, increase its processes in such a way as to always act with transparency and become a reference in models of efficiency in public sector management, such as the Transparency Portal, which was implemented in 2017, and which provides clear and up-to-date information such as Institutional Policies, agreements with the granting authority and agreements with suppliers, the main programs and projects developed, in addition to minutes of the Company&#8217;s boards and committees meetings.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Transparency Portal is constantly being improved and in 2018 it increased its publication of information, in order to comply with the legislation and provide answers to the most frequently asked questions made through the Citizens Information Service (SIC) by 21%. This service channel registered a total of 365 requests, which were answered in an average period of 11 working days, bearing in mind that the deadline permitted under the Access to Information Law is 20 days, which is extendable for a further ten days.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Risk management </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP has a Risk Management and Compliance Department, which is administratively linked to and led by the Chief Executive Officer. The risk management methodology adopted at SABESP is based on the COSO - ERM international model - The Committee of Sponsoring Organizations of the Treadway Commission &#8220;Enterprise Risk Management - Integrated Framework&#8221;, as well as on the standards ABNT NBR ISO 31.000 - Risk Management - Principles and Guidelines and ABNT ISO GUIDE 73 - Risk Management - Vocabulary, covering the entire organization.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company maintains a corporate risk map and monitors global and national trends in order to foresee scenarios that may have an adverse impact on its operations, and in this way ensure that its strategic objectives are achieved. Risks are classified in four categories (strategic, financial, operational and compliance) and are measured with regard to their impact and the likelihood of their occurrence. They are subsequently assessed at the appropriate hierarchical levels in order to define mitigating actions required for each situation. All corporate risks are reviewed at regular intervals, with a view to the implementation of possible mitigating actions. A description of the risk factors can be found in item 4 of the Reference Form, which is available on the Company&#8217;s Investor Relations website, in the &#8220;Financial and Operating Information&#8221; section.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Internal controls</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internal controls have been assessed in a structured and systematic way since 2005, benchmarking with the internal control parameters of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), 2013 version.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>16</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The internal controls assessment process is carried out once a year taking into account both the potential existence of new risks associated with the drawing up and disclosure of financial statements and possible significant changes in information technology processes and systems.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internal controls include the procedures regarding adjustment of the accounting records, preparation of the financial statements in accordance with official rules and proper authorization of transactions involving the acquisition, use and disposal of the Company&#8217;s assets. The internal control tests are carried out by the Audit Department, a unit that is linked to the Board of Directors through the Audit Committee and administratively linked to the Chief Executive Officer, and which since 2016 has held the QA Quality Assessment certificate granted by the Brazilian Institute of Internal Auditors (IIA Brazil), which is an affiliate of the Institute of Internal Auditors (IIA).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition to complying with section 404 of the Sarbanes-Oxley Act (SOX), the internal controls assessment process is in compliance with Law 13.303, dated June 30, 2016. As was the case in previous years, the review undertaken in relation to the effectiveness of the internal control environment in 2017 did not identify any material deficiencies. The tests for the year 2018 will be completed in April 2019.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>External Auditors</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP respects the principles that protect the external auditor&#8217;s independence with regard to not auditing its own work, not performing managerial functions and not acting on behalf of its client. According to the Company&#8217;s Bylaws, it is up to the Audit Committee to make an assessment of the guidelines for the process of entering to a contract with a external audit firm, as well as other conditions in relation to the provision of services, making the corresponding recommendations to the Board of Directors. In addition to this, it also gives its opinion on the hiring or dismissal of the external auditors and states its opinion in advance regarding the contracting of other services provided by the external audit firm, or by companies related to it, which are not included in the typical audit activities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>KPMG Auditores Independentes has been the Company&#8217;s external auditor since the review of the quarterly information (ITR) of June 30, 2016. In 2018, the Company paid R$ 2.4 million for the audit of the financial statements, the review of the quarterly information and of project financing, among others. During the same period, KPMG provided 132 hours of training on matters that did not conflict with the audit services provided and which did not exceed 5% of the fees paid for the aforesaid services. Of SABESP&#8217;s affiliated companies, KPMG Auditores Independentes in 2018 audited the company Attend Ambiental S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition, in 2018 Deloitte Touche Tohmatsu Auditores Independentes provided one-off external audit services in the sum of R$ 347.9 thousand, in relation to the reissue of a report regarding previous years that were audited by it, and included on the form 20-F, which is filed with the United States Securities and Exchange Commission. The auditors, together with parties related to them, did not provide, during the Company&#8217;s period of operations, other services that exceeded 5% of the fees paid for the external audit services. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT><FONT face=calibri,sans-serif><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=calibri,sans-serif><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>17</FONT></FONT></FONT></FONT></FONT></P></DIV></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Changes in the Make-Up of the Executive Board and in the Management&#8217;s Compensation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Reflecting the changes in the governmental environment fueled by the elections for governor of the state and for the president of the republic, in 2018 the Company&#8217;s senior management underwent two major changes. The first was in May, when Ms. Karla Bertocco took over as SABESP&#8217;s Chief Executive Officer, replacing Mr. Jerson Kelman. The second was in December, when Ms. Bertocco stepped down and at the start of January 2019 was replaced by Mr. Benedito Braga. During the same period, there were also changes in the Corporate Management Office and in the Regional Systems Office.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, the Board of Directors approved the Compensation Policy for Directos, Officers, members of the statutory committees and the fiscal council, in line with the compensation guidelines established by the Council for the Defense of the State Capitals - CODEC.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Under the Brazilian Corporate Law, the total amount available for compensation of the board members and executive officers and for the payment of profit sharing to the executive officers (executive officers&#8217; bonuses) is required to be determined by the shareholders at the annual general meeting. In 2018, the gross amount of this compensation, including legal benefits and charges, was approximately R$ 4.6 million, including about R$ 537.7 thousand related to the variable compensation of the executive officers.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Business model</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP is a publicly-held mixed capital company which was founded in Brazil in 1973, under the terms of State Law 119/73, with the purpose of planning, executing and operating public basic sanitation services in the State of S&#227;o Paulo.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Its main corporate purpose at the present time is to provide basic sanitation services, as established in its Bylaws, with a view to universal access to the aforesaid services in the State of S&#227;o Paulo, without prejudice to the company&#8217;s long-term financial sustainability.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Company is also authorized to plan, operate and maintain systems for the production, storage, conservation and commercialization of energy, both for itself as well as for third parties, and also to market services, products, benefits and rights that are directly or indirectly derived from its assets, business ventures and activities. It can also provide ancillary services in any part of Brazil or abroad.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP&#8217;s share capital consists exclusively of common shares (with voting rights) and in compliance with State Law No. 11.454/2003, with it being a requirement that the Government of the State S&#227;o Paulo is the controlling shareholder. The Government of the State currently holds 50.3% of the shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The rest of the shares are traded on stock exchanges in Brazil and abroad. At the end of 2018, 31.4% of the shares were traded in Brazil, with the remaining 18.3% being traded in the United States in the form of American Depositary Receipts (ADRs) - Level III.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>On September 15, 2017, State Law 16,525 was enacted, which allowed the Government of the State of S&#227;o Paulo to set up a joint stock company to exercise share control of SABESP, but with the State Government retaining the majority of the voting capital of this parent company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The purpose of this measure is to obtain more resources in order to expand investments in sanitation and to speed up the process of achieving universal access to the water supply, sewage collection and treatment services, in an attempt to add value to SABESP&#8217;s business and strengthen its corporate governance.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The company has not yet been created and, due to the elections for the state government in the second half of 2018, the operation was put on hold and the Company is currently awaiting guidance from the Board of Directors of the State Privatization Program. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0.25in 0in 10pt; TEXT-INDENT: 21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#1f4e79 face=calibri,sans-serif>STRATEGY AND VISION OF THE FUTURE</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP&#8217;s mission is to provide water and sewage services, contributing to improve the quality of life and of the environment; with the Company&#8217;s goal being to become a worldwide reference in relation to the provision of sanitation services, in a sustainable, competitive and innovative way, with a focus on the customer.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The definition of SABESP&#8217;s strategies and guidelines is based on an analysis of risks and opportunities, and in the pursuit of its vision for the future, the Company operates so as to ensure the availability of water in its area of &#8203;&#8203;operations and to make progress with implementing structures for the collection and treatment of sewage, with technical and economic feasibility, contributing to the goal of universalization with quality in the management of its services. The goal is to undertake 954,000 new water connections and 1.2 million new sewage connections between 2019 and 2023.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, the current strategy was updated by management and the objective &#8220;Keep and Conquer Markets and New Businesses&#8221; was added to the strategic map. Within the scope of this new objective, negotiations were completed with the municipality of Guarulhos, whose population of 1.3 million people became part of the operated base in the retail market. For more information, see chapter &#8220;Results Converted into Greater Access and Quality of Services&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>With regard to the new business and innovation segment, a call for proposals was issued under the title &#8216;Pitch SABESP&#8217;, to select innovative projects that offer solutions to the challenges faced by the Company in relation to the company&#8217;s provision of services and internal management. For more information, access www.sabesp.com.br/pitchsabesp/</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>As an additional way of encouraging the search for sustainable and innovative solutions to optimize investments and improve the operational efficiency of sanitation in the Baixada Santista region or in informal areas, at the start of 2018, SABESP launched the Saturnino Brito Engineer Award. An initiative open to all employees, the Award recognize the best and most innovative sanitary engineering projects proposed for these regions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Over the course of the year, SABESP invested around R$ 10.6 million in research, development and innovation projects, both with its own resources as well those raised from development entities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>To support the pursuit of its strategic objectives, the Company develops projects to improve its management. The highlight in 2018 was the conclusion of the SABESP Management Model Project, which consisted of carrying out the Assisted Self-Assessment based on the National Quality Foundation Management Excellence Model. With integrated stages of raising awareness, training and evaluation of management&#8217;s maturity, the Company has fostered a culture of excellence, a continuous improvement of management, a systemic vision and the sharing of good practices, in order to achieve excellence in performance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition, the implementation of a CRM (Customer Relationship Management) system is still under way, with a view to replacing the current commercial information systems by 2020. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-1</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>9</FONT></FONT></FONT></P></DIV></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Balance of Targets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The targets proposed by the Company for 2018 were achieved, and the highlight include the implementation of 199 thousand new water connections, which was 18.5% greater than the target that had been set, and 215 thousand new sewage connections, or 7.6% more connections than had been forecast for the period. It is worth noting that the result of the sewage collection coverage rate achieved the proposed target taking into account the indicator&#8217;s variation margin. The target of 293 liters per connection per day for water losses was also achieved.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The achievements in 2018 and the projections for the coming years can be found in the table below.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#44546a face=calibri,sans-serif>Achievements in 2018 and Targets for 2019-2023</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=white face=calibri,sans-serif>Achieved</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=white face=calibri,sans-serif>Targets</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2019</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2020</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2021</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2022</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2023</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Water supply service</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Tending towards universalization<SUP>(1)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Tending towards universalization <SUP>(1)</SUP></FONT></P></TD></TR>

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   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #9cc2e5 1pt solid; PADDING-RIGHT: 5.4pt" width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Sewage collection service (%)</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>83</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>84</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>85</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>86</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>87</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>87</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>87</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #9cc2e5 1pt solid; PADDING-RIGHT: 5.4pt" width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Water supply coverage</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Tending towards universalization<SUP>(1)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="47%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Tending towards universalization<SUP>(1)</SUP></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #9cc2e5 1pt solid; PADDING-RIGHT: 5.4pt" width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Sewage collection coverage (%)</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>90</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>91</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>91</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>92</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>93</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>93</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>93</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #9cc2e5 1pt solid; PADDING-RIGHT: 5.4pt" width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Ratio of households connected to sewage treatment (%)<SUP>(3)</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>76</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>76</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>77</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>80</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>83</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>83</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>84</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #9cc2e5 1pt solid; PADDING-RIGHT: 5.4pt" width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>New water connections (thousand)<SUP> (2)</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>199</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>168</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>186</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>192</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>192</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>192</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>192</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #9cc2e5 1pt solid; PADDING-RIGHT: 5.4pt" width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>New sewage connections (thousand)<SUP> (2)</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>215</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>200</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>227</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>240</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>246</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>247</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: #9cc2e5 1pt solid; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>240</FONT></P></TD></TR>

<TR style="HEIGHT: 4.6pt">

   <TD style="HEIGHT: 4.6pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #9cc2e5 1pt solid; PADDING-RIGHT: 5.4pt" width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Water losses per connection (liters/connection/day)<SUP> </SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 4.6pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>293</FONT></P></TD>

   <TD style="HEIGHT: 4.6pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>293</FONT></P></TD>

   <TD style="HEIGHT: 4.6pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>283</FONT></P></TD>

   <TD style="HEIGHT: 4.6pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>273</FONT></P></TD>

   <TD style="HEIGHT: 4.6pt; BORDER-RIGHT: #9cc2e5 1pt solid; BACKGROUND: #deeaf6; BORDER-BOTTOM: #9cc2e5 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>(1) Coverage equal to 98% or more. Service equal to 95% or more. For methodological reasons, it includes a variation margin of plus or minus 2 percentage points.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>(2) Includes the municipality of Guarulhos in the targets from 2019 onwards.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>(3) Household is the term used for the building or subdivision of a building, with occupations that are demonstrably independent of each other, collectively using a single water supply connection and/or sewage connection.</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Company&#8217;s Profit-Sharing Program was based on certain indicators, which are in line with its organizational strategy, reflecting economic, social and environmental performance.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>20</FONT></FONT></FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0.25in 0in 10pt; TEXT-INDENT: 21.25pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SUPPLY</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0.25in 0in 10pt; TEXT-INDENT: 21.25pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#1f4e79 face=calibri,sans-serif>WATER INFRASTRUCTURE PREPARED FOR CURRENT AND FUTURE DEMANDS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>At the end of 2018, SABESP registered a total of 369 municipalities operated, which represents about 57% of the 645 cities in the State of S&#227;o Paulo, where there is universal access to the water supply. Even so, this is a service that requires permanent expansion to keep up with the demographic and geographical growth of the cities served, which in 2018 required the implementation of 199.1 thousand new connections.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In total, in 2018, R$ 2.3 billion was invested in water services, with resources also allocated to structural programs aimed at reinforcing water security which were designed to meet the specific needs of the different regions operated.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>The Metropolis and the challenge in terms of supply </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The S&#227;o Paulo Metropolitan Region (SPMR) concentrates 20.9 million people, which is approximately 47% of the inhabitants of the State of S&#227;o Paulo. The combination of the population concentration (often located in a disorderly and irregular way) and the geographical location (at the headwaters of the rivers that make up the Alto Tiet&#234; basin) results in extremely low water availability, comparable to semi-arid regions, with an annual average of only 130 thousand liters per inhabitant.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Since the natural availability of the Alto Tiet&#234; basin is not sufficient to meet the demand of the metropolis, great efforts are made to maintain the security of supply, with high levels of investments being necessary for the purpose of collecting water in other river basins, at ever greater distances, along with a series of initiatives.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, the SPMR found itself facing a new period of drought, especially in three of the SPMR&#8217;s main producer systems. The Cantareira System did not register any significant rainfall (in excess of 10 mm) for a period of 71 days. The Guarapiranga system faced the same situation for a period of 117 days; while in the case of the Alto Tiet&#234; system it lasted for a period of 151 days.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>As a consequence of the low rainfall, the three main systems presented a natural contribution (inflow) below the historical average: Cantareira (-35%), Alto Tiet&#234; (-19%) and Guarapiranga (-8%). Nevertheless, on December 31, 2018, the overall volume of the water supply sources that feed the supply the SPMR stood at 49% of the total capacity, a level equal to that registered in 2012 (prior to the water crisis) and slightly above the 48% registered in 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition to the emergency actions that have been implemented since the water crisis (2014/2015), the maintenance of water availability and regular supplies in 2018 is due to a number of factors. One of these was the fact that the drought occurred during the dry period (between April and September), when a lower rainfall index is expected. Another key factor was the coming into operation of two major construction works that began to bring more water from outside the Alto Tiet&#234; basin: the S&#227;o Louren&#231;o Production System and the Jaguari-Atibainha Interconnection.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Since April 2018, the S&#227;o Louren&#231;o System has been responsible for supplying up to two million people. With an initial investment of R$ 2.2 billion, the structure covers a distance of 82 km from the catchment area at the Cachoeira do Fran&#231;a dam on the Juqui&#225; river in the </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>municipality of Ibi&#250;na, in the Vale do Ribeira region. For more information, see Note 15 (g) to the Financial Statements.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>21</FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The supply capacity is up to 6.4 thousand liters a second, to meet the current and future demand of the western region of Greater S&#227;o Paulo, which is the area in the S&#227;o Paulo Metropolitan Region (SPMR) that has the highest rates of population growth.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Throughout 2018, complementary works to the S&#227;o Louren&#231;o System were initiated, with the focus being on strengthening the interconnection and flexibility of the metropolitan system, with additional investments envisaged of R$ 90 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The Jaguari-Atibainha Interconnection is the other main improvement that came into operation in 2018 for the purpose of increasing the metropolis&#8217; water security. Since March, the 19.6 km long interconnection (13.2 km of water mains and 6.4 km of </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>tunnels</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>) makes it possible to transfer an average flow of 5.13 thousand liters a second and maximum of 8.5 thousand liters a second of raw water from the Jaguari reservoir, in the Para&#237;ba do Sul Basin, to the Atibainha reservoir, which is one of the ones that make up the Cantareira System.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>May 2018 saw the inauguration of the operation in the opposite direction (Atibainha-Jaguari) which makes it possible to transfer up to 12.2 thousand liters a second, thus ensuring that the Cantareira System serves as a reservoir to supply the population of the Para&#237;ba do Sul basin in times of greatest need.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The transfer of the waters from the Atlantic side of the Itapanha&#250; River to the Alto Tiet&#234; System is the third major construction project for bringing in water from outside the Alto Tiet&#234; basin, with a view to increasing water security in the Metropolitan Region of S&#227;o Paulo (SPMR). The construction project will directly benefit about 4.5 million residents, reinforcing the SPMR&#8217;s entire integrated system. However, approval still has to be obtained for the environmental permit. The expectation is that the project will get under way in 2019.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The greater flexibility of transfer between systems made it possible to accumulate, in 2018 alone, 271.7 million liters in the total reserve of the SPMR&#8217;s water sources. This was possible due to the works for the transfer of raw water from the Rio Pequeno arm (Billings Reservoir) to the Rio Grande System (operation of which was initiated in July 2016), due to the new supply of raw water from the Jaguari - Atibainha interconnection and from the S&#227;o Louren&#231;o Production System (treated water that is no longer collected from metropolitan water sources). Without the above improvements, on December 31, 2018, the total reserve would have been 14 percentage points lower (at a figure of around 35% instead of the 49% recorded).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, per capita consumption was 128 liters a day, maintaining the same level as in the previous four years (when an average of 126 liters a day was registered) and 24% lower than the 169 liters inhabitant/day registered in 2013, before the onset of the water crisis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>This behavior was also partially reflected in the maintenance of the post-crisis level of production of treated water to supply the Metropolitan Region of S&#227;o Paulo. In 2018, daily average production was 60.9 m&#179;/s, which is about 13% lower than the 69.9 m&#179;/s registered in 2013. This scenario demonstrates the consolidation of a change in the population&#8217;s consumption habits. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 2pt 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Efficiency in the management of water resources </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>At the present time the SPMR&#8217;s supply is based on the collection and treatment of water by eight Producing Systems strategically located in different parts of the metropolis. Together, in a normal climate situation, the S&#227;o Louren&#231;o, Cantareira, Alto Cotia, Guarapiranga, Rio Grande, </FONT>


<FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Rio Claro, Alto Tiet&#234; and Ribeir&#227;o da Estiva producing systems have a nominal production capacity of 80.9 m&#179;/s of water and make up the Integrated Metropolitan System (SIM). In addition, the Baixo Cotia System is also part of the SIM, but was suspended in 2018, with the coming into operation of the S&#227;o Louren&#231;o Producing System.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The producing systems are interconnected by large-scale water pipelines that are part of the Metropolitan Water Mains System, which is responsible for transporting the treated water to the 231 sectoral reservoirs and, from these points, it is distributed to the consumption points in the Greater S&#227;o Paulo region.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, the Cotia-Centro metal reservoir, with a capacity of ten million liters, came into operation and ten other similar facilities are in the process of being installed in the municipalities of S&#227;o Paulo, Barueri, Carapicu&#237;ba, Vargem Grande Paulista and Cotia. When they all come into operation, the metropolitan region&#8217;s storage capacity will be increased by 78 million liters.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The structural increments, which were extremely necessary to cope with the recent crisis and future climate threats, were made possible by the existence of a sound structure, which for more than two decades has been strengthened by means of the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Metropolitan Water Program (PMA).</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Initiated in the mid-1990s, with a focus on increasing the supply of raw water, increasing the storage structures, renovating and expanding the transport (pumping) capacity and the production of treated water, the PMA solved the problem of a lack of infrastructure that imposed a situation of water rationing on more than five million people in the Metropolitan Region of S&#227;o Paulo.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>As a result of this work, water production capacity in the SPMR was increased from a figure of 57.2 m&#179;/s in 1995 to 81.0 m&#179;/s in 2018, a 42% hike, vis-&#224;-vis the 31% increase in population numbers during the same period. Just by comparison with 2013, prior to the crisis, this was a 12% increase in installed production capacity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Some of the resources allocated to the PMA come from the company itself, while the rest come from financing granted by the BNDES (National Bank for Economic and Social Development) and the Caixa Econ&#244;mica Federal (Federal Savings Bank). In 2018, the Company invested approximately R$ 165 million in this Program.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 2pt 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Dams under monitoring</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The public supply of the SPMR has dams as the main source of water collection. SABESP carries out continuous monitoring, operation and maintenance in relation to these structures, with a view to complying in full with the security requirements and procedures under supervision of the control bodies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>These practices meet the conditions imposed by the National Dam Security Policy, by the Grants</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=fuchsia face=calibri,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>of Right of Use and the respective operating rules, by the legislation in force, and by additional internal guidelines and procedures.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition to these actions, SABESP carries out a multidisciplinary assessment of strategic risk management and operation of these structures, enabling continuous assessment and monitoring by the company&#8217;s managers and senior management.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 2pt 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Biodiversity protection</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The water restriction and the large population concentration make it a vitally urgent matter to preserve the water supply sources of the metropolis, which for decades has lived with its </FONT>


<FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>scarce water resources under threat. Factors such as the intense and disorderly occupation of the soil, the devastation and silting up of environmental protection areas, the clandestine dumping of domestic and industrial sewage, and the fact that rainfall carries urban waste into the water bodies (diffuse pollution) are the main ones behind the deterioration in the quantity and quality of the water of the metropolitan water sources.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In order to mitigate the impact of the degradation of these water sources, SABESP monitors and preserves more than 44 thousand hectares including bodies of water and other areas around the water sources that supply the producing systems.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The monitored reserves represent 1.4% of the State of S&#227;o Paulo&#8217;s remaining Atlantic Forest and protect the water consumed by more than 14 million residents of the capital and the Greater S&#227;o Paulo region. In 2018, SABESP organized the planting of 306 thousand seedlings, of which 287 thousand were in the vicinity of the Cantareira System. The accomplishment of this task is achieved both by means of its own initiatives, such as the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Metropolitan Green Belt Program</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>, and via partnerships, such as the </FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>&#8216;Nascentes&#8217;</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif> (Springs) Program</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>, which is a joint effort between SABESP and the Government of the State of S&#227;o Paulo.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>As a result of this work, the Cantareira System&#8217;s vegetation cover in the company&#8217;s areas shot up from 61% to 75%. In the other areas belonging to SABESP which are inside Conservation Units vegetation cover goes as high as 100%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Together with the initiatives to protect the riparian forest and vegetation of the river basins of the various metropolitan water sources, since 2011 SABESP has developed the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Program </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Nossa Guarapiranga</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>(Our Guarapiranga)</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>, which is </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>a system that supplies around 4 million people in the Greater S&#227;o Paulo area. As a result of this program, the reservoir is cleaned with the aid of collecting boats and several eco-barriers - metallic screen blocks which are installed at the mouth of the reservoir&#8217;s tributaries, which block the waste that arrives via these channels.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>From 2011 to 2018, the Program organized the removal of 156.6 thousand m&#179; of waste from the reservoir. SABESP&#8217;s investment during this period was R$ 22.9 million, of which R$ 1.84 million was in 2018, when around 19 thousand cubic meters of macrophytes and waste was collected from the body of water and the banks of the reservoir.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 2pt 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Greater health and citizenship</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>By means of the </FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&#193;gua Legal</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> (Legal Water)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Program</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, SABESP brings the supply structure to inhabitants of irregular areas (after obtaining the necessary legal authorizations), in which the residents are normally supplied in a precarious manner by means of improvised connections that are subject to contamination. In 2018, about 25 thousand families had their illegal connections replaced by water meters from SABESP and began to receive quality water from their taps.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>First implemented in 2017, R$ 117 million had been invested by the end of 2018 in order to carry out 95.5 thousand connections, benefiting around 335 thousand residents of 400 irregular habitation centers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The inhabitants of these locations began to enjoy better health and citizenship conditions, given that the formalization of the supply results in a proof of address. For example, this document makes it possible for the children to be enrolled in day care centers and for the families to obtain certain services.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The initiative also contributes to the reduction of water loss. It is estimated that during the two years that the program has been in operation it has prevented 20 billion liters of water from being wasted.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The program is based on an innovative bidding model, the performance contract, which transfers the investment and infrastructure costs to the private partner. The contractor installs the networks, connections, measurement boxes and water meters, but is only paid by SABESP when the residents connect - thereby avoiding the loss of treated water. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 2pt 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>The challenge of supply in the coastal region</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>After the Metropolitan Region of S&#227;o Paulo, the coastal region of the State of S&#227;o Paulo represents the second biggest challenge for supply on account of the high demand during the summer periods. In order to meet this demand, the service is provided by an integrated system which, on a smaller scale, is similar to the concept of the SPMR system. During periods of peak consumption, it enables the transfer of treated water from a region with a larger reserve to another one which has a higher demand.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Unlike the SPMR, which uses water sources, in the coastal region raw water is collected directly from 26 rivers coming from the Serra do Mar State Park by means of 15 producing systems, which together have the capacity to treat 11 thousand liters a second. From these water treatment stations, the water flows along the pipelines to the 53 sectoral reservoirs to be distributed between the region&#8217;s nine cities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>A number of long-term initiatives aimed at expanding water production and distribution capacity in the Baixada Santista metropolitan region and the entire southern coast of the State of S&#227;o Paulo are grouped under the </FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&#193;gua Litoral</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> (Coastal Region Water) Program</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, benefiting approximately three million people, including the local population as well as tourists.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, in addition to the continued construction of the Peru&#237;be and Guara&#250; water treatment stations (WTPs), both in the municipality of Peru&#237;be and expected to be delivered in 2019, a 72.3 km expansion of new pipelines was launched in a number of municipalities, as well as permanent scanning to detect and repair leaks.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The northern coastal region is served by 20 water treatment stations (WTPs), and 70 sectoral reservoirs. Among the achievements of 2018 are the coming into operation of the Maranduba water treatment station, improvements in the Massagua&#231;u water treatment stations, the start of the work on enlarging the Mambu/Branco water treatment station, and the removal of silt from all the water collection systems areas. The program receives its own resources and financing from the CEF (Federal Savings Bank). In 2018, the Program&#8217;s actions added up to a total investment of around R$ 33 million.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 2pt 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Supply in the State&#8217;s Interior Region</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The focus of the action in the interior continues to be on the operational improvements aimed at greater water security and efficiency in supply. The work includes actions in a number of municipalities with the replacement of filtration systems, the installation or replacement of chemical tanks, the renovation of pump houses and the replacement of equipment in order to automate operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The actions also include the relocation or replacement of water mains, distribution networks, branches and water meters, with an impact on combating the loss of water in the pipelines. The drilling of deep wells and the increase in the flow of treated water at some plants contribute to expanding water availability and the monitoring of vegetation growth, particularly for serving those regions that are farthest away from the main systems.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition, eight new sectoral reservoirs were also implemented in 2018, guaranteeing greater security of supply as they increase the reserve of treated water and the constancy of service in those districts that are located far from the main water mains systems.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 2pt 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Combating water losses</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Reducing water losses is a permanent challenge. If nothing is done, water losses tend to increase due to aging pipes, equipment and water meters, as well as on account of fraud.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In order to tackle this challenge, SABESP created the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Corporate Loss Reduction Program</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, which operates in the replacement of branches and water meters, the inspection of pipelines to identify leaks and frauds, and sectorization in order to improve operational efficiency.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The impact of these actions was reflected in the decrease in the loss ratio in the area operated by SABESP from 32.4% (or 400 liters/connection/day) in 2009 to 30.1% (or 293 liters/connection/day) at the end of 2018. Losses are currently below the national average, which stands at a figure of 38.3%, according to SNIS (2017).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, about R$ 645 million was invested in the Program, using the company&#8217;s own resources as well as funding from JICA (Japan International Cooperation Agency). The highlights in the period were the advances in contracting processes that will make it possible to replace 761 km of networks and 75 thousand branches, in addition to the installation of hundreds of pieces of equipment for the creation of supply control areas. The sectorization allows increased operational efficiency with greater control of the pressure in the pipelines and greater speed in the identification and correction of leaks, reducing losses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The total loss indicator is subdivided into two categories: real losses and apparent losses (commercial). Real losses correspond to leaks in the pipelines, and amounted to a total of 19.9% &#8203;&#8203;in 2018. Apparent losses, in other words, water consumed but not accounted for are the result of fraud, commercial registration failures and inaccurate measurement by the water meters, and corresponded to 10.2% during the same period.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 2pt 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Awareness, rational use and reuse</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>With a track record of more than two decades, the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>PURA</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif> (Rational Water Use Program) is one of the actions that make up the sustainable water management guidelines and is aimed at combating waste and spreading the message of awareness regarding the finite nature of water resources.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>By means of this program, SABESP organizes </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>improvements</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif> to the hydraulic structure of schools, hospitals, public toilets, prisons and nurseries, as well as arranging lectures regarding the </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>conscientious use of water, which contribute to the formation of multipliers of the message of sustainability</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In 2018, 184 properties were benefited by the program and two municipalities signed up to the program. First established in 1996, PURA is present in nine municipalities that are operated by SABESP, with a total of 3,902 properties benefited. In addition, if a previously established consumption reduction target is achieved, participating public sector customers gain the right to a 25% discount on their bill.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The technological improvement of the sewage recycling process is another initiative aimed at the sustainable use of water. The use of reuse water for industrial purposes and for cleaning streets and irrigating parks and gardens results in significant savings of water, which can be earmarked for human consumption.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In this context, seven years ago SABESP implemented Aquapolo Ambiental, which is regarded as the largest project for the production of industrial </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>reuse water</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif> in South America, and the fifth largest in the world. Managed in partnership with the company BRK Ambiental, Aquapolo produces 650 liters a second to serve companies at the Capuava Petrochemical Complex and three other major</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> industries</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif> in the region. In addition to Aquapolo, SABESP also has reuse technology at its Barueri, S&#227;o Miguel Paulista, Jesus Neto and Parque Novo Mundo stations. Currently, SABESP&#8217;s production is 785 liters a second.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Studies are under way to prospect new clients in order to consolidate reuse water as a new business for SABESP. The need to increase its use as an alternative supply is vitally important in a region of water scarcity</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 2pt 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Quality water as a priority</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The quality of the water distributed complies with the parameters required by Health Ministry Ordinance 2.914/11. For this purpose, 90 types of tests are performed and more than 90 thousand analyses are carried out each month to measure parameters of turbidity, color, chlorine, total coliforms, metals and agrochemicals, among other items. This work is carried out at 16 sanitary control laboratories.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Most of the laboratories are accredited by the National Institute of Metrology, Quality and Technology (Inmetro) and the Water Quality Reports are forwarded on a monthly basis to the Ministry of Health. These reports are also made available to the Sanitary Surveillance Departments of the municipalities operated. Customers are informed of the results in their bills, which give a summary of the parameters evaluated.</FONT></P>

<P style="MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition, SABESP has a team of tasters, who are specialists including chemists, biologists and technicians responsible for analyzing variables in the flavor, aroma and density of the liquid. The results are sent to the water treatment plants in order to guide the treatment of water and make preventive or corrective adjustments.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>27</FONT></FONT></FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0.25in 0in 10pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SANITARY SEWAGE </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#1f4e79 face=calibri,sans-serif>HEALTH, DEVELOPMENT AND THE SUSTAINABLE MANAGEMENT OF WATER RESOURCES</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#1f4e79 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The expansion of the sanitation infrastructure is reflected in a decrease in infant mortality, the decontamination of rivers, improvement in educational conditions and better real estate and tourism sectors. On the economic front, it exerts a direct influence on attracting more investments and the consequent generation of jobs and income for the population.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In the municipalities operated in December 2018, SABESP registered rates of 90% for provision of a sewage collection network (coverage), 83% for the sewage collection service (effective connections in the networks) with 76% of households connected to the sewage treatment network.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, the actions to expand sewage collection and treatment required investments of R$ 1.9 billion. Over the course of the year, new sewage treatment plants (STPs) came into operation and 215,300 new sewage connections were installed.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 2pt 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>The metropolis and the challenges of sanitation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Metropolitan Region of Sao Paulo (SPMR) is characterized by huge contrasts. While accounting for a large part of the country&#8217;s national wealth and being at the forefront of Brazilian production in the industrial and services sectors, the SPMR also presents a scenario of marked social shortcomings, which are reflected by disorderly urbanization, with little or no planning of the occupation of urban space.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Irregular occupations, particularly in environmental preservation areas together with illegal discharge of residential and industrial sewage make expanding sanitation services in one of the world&#8217;s largest urban clusters an even more challenging task.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>To deal with this situation, 26 years ago SABESP implemented the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Tiet&#234; Project</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> with the consistent expansion of the infrastructure for the collection, transport and treatment of sewage advocated in the Metropolitan Region of Sao Paulo&#8217;s Sewage Master Plan.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Between 1992 and 2018, around US$ 2.9 billion was invested, with R$ 441.9 million of this just in 2018, with a direct impact on the progressive revitalization of the Tiet&#234; river and its tributaries, as well as on the population&#8217;s health and quality of life. In addition to its own resources, the program includes financing from the IDB (Interamerican Development Bank), the Caixa Econ&#244;mica Federal (Federal Savings Bank) and the BNDES (National Bank for Economic and Social Development).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>As a result, the volume of sewage treated in the metropolitan stations leapt from a figure of four thousand liters per second to the current 18.7 thousand liters a second. This difference of 14.7 thousand liters a second is equivalent to the sewage generated by approximately ten million people. As a result of this, sewage collection in the SPMR&#8217;s urbanized area, which stood at a level of 70% in 1992, shot up to 87% in 2018. And sewage treatment rose from 24% to 70% of the volume collected, over the same period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Due to the volume of investments and the sheer scale of the construction work, the Project was divided into stages and is regarded as the largest environmental sanitation program in the country. The third stage of the Project is in progress with 70% of the construction work concluded, and will enable a further leap in the levels of sewage collection and treatment. At the same time, actions planned for the fourth stage are being brought forward, with the focus </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>being on optimizing the systems and expanding the areas served with sewage collection and treatment.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, the highlight was the completion of the second phase of the construction work for the expansion of the Barueri STP, the largest sewage treatment plant in South America, which saw its treatment capacity increase from 12 thousand liters a second (in 2017) to 16 thousand liters per second.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Also worth mentioning was the implementation of the 7.5 km long ITi-7 sewage interceptor under the Marginal Tiet&#234;, which, after its completion, foreseen for the start of 2020, will benefit approximately 2 million people living in the city of Sao Paulo&#8217;s central and southern regions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The improvement of water quality of the metropolitan area&#8217;s water sources, rivers and streams also includes the actions of the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&#8220;</FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>C&#243;rrego Limpo</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&#8221; (Clean Stream) Program</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, which operates in connection with improvements to the sanitary sewage system around the streams, as well as to cleaning, maintenance and environmental education. Set up in 2007, the program has already required investments of more than R$ 250 million for the decontamination and maintenance of 151 streams in the city of S&#227;o Paulo, directly benefiting 2.5 million people who live in the areas of the decontaminated river basins. Around R$ 9 million was invested in 2018, between the company&#8217;s own resources and funds from the Caixa Econ&#244;mica Federal.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The work is carried out in partnership with the municipality&#8217;s executive branch. SABESP is responsible for the mapping, inspection, renewal and extension of the collection networks, in addition to installing new connections based on sweeps of illegal sewage disposal. Included among the actions, monitoring of the water quality of the polluted streams and the promotion of socio-environmental awareness are also carried out by means of meetings with the communities in the surrounding area.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>For its part the city hall is responsible for cleaning the river beds and the banks of the streams (cutting the undergrowth, removing debris, etc.), for maintaining rainwater galleries and storm drains, and for inspecting irregular dumping in the galleries and by households that are not connected to the networks. In addition to this, it is responsible for regularizing and redeveloping valley bottoms, making it possible to install the sewage infrastructure, and for the evacuation of irregular areas, registering the families in housing programs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The expansion of the basic sanitation structure coupled with programs such as Clean Stream has a positive impact on the rivers that intersect the metropolitan region. In 2018, the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>Funda&#231;&#227;o SOS Mata Atl&#226;ntica </FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>(</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SOS Mata Atl&#226;ntica Foundation)</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>,</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> an NGO that monitors the conditions of the river, attested to an 8 km decrease in the extent of the pollution vis-&#224;-vis 2017. During this period of more than two decades, the polluted stretch has diminished by 408 km. This is the smallest extent of the pollution ever registered, a 77% decrease according to a survey by the SOS Mata Atl&#226;ntica Foundation, which was published in September 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The increase in the collection and transportation of sewage by means of the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Pro-Billings</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> program is another action that will benefit more than 250,000 residents of the region of one of the largest metropolitan reservoirs, resulting in an environmental gain for all of the basin&#8217;s inhabitants. Continuing with the construction work, in 2018, work got under way on the second phase of the project, which will serve 40 districts with the installation of 89 km of collector networks, 42 km of trunk collectors, 39 sewage pumping stations and the connection of 83 thousand properties to the networks.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>When it is completed in 2020, the new structure will collect and forward for treatment more than one billion liters of sewage a month. This second phase entails an investment of US$ 123 million and the creation of 1.2 thousand jobs.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition, in 2018, in Greater S&#227;o Paulo, two compact sewage treatment plants were put into operation. Together, the plants process a total of 7.5 million liters of sewage a month, thus preventing this amount from reaching the Tiet&#234; River and its tributaries. The technology of these plants means that they can be operated remotely and can function by means of a photovoltaic system (solar energy).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Easy to install in small spaces, compact stations are used as a temporary measure to serve regions where there are still no large pipelines for transporting sewage or where the installation of these pipes is impossible on account of areas with irregular occupation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition to operating its systems, SABESP is a partner in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Attend Ambiental</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, a company that operates in the treatment of the Metropolitan Region of Sao Paulo&#8217;s non-domestic sewage. Set up in 2014 as a partnership between SABESP and Estre Ambiental, Attend offers industries the outsourcing of pre-treatment of sewage, bringing it into line with the standards required by the environmental legislation. In 2018, the company pretreated more than 1.6 million m&#179; of non-domestic sewage, which was then forwarded to the Barueri STP for conventional treatment.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 2pt 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Universalization in the interior of the state</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In the interior of the state, SABESP is the concessionaire responsible for 314 municipalities, giving a total of 5.8 million people served. As part of the Company&#8217;s ongoing efforts to universalize the collection and treatment of sewage in operated areas, in 2018 five sewage treatment plants (STPs) were delivered. Another 15 stations are under construction and are expected to be delivered by 2021.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Also in 2018, the installation or relocation of networks and outfalls, the installation of pumping stations and operational improvements to the systems, such as the cleaning of ponds and replacement of aerators, round out the package of actions undertaken.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The high investments and the commitment to increasing the quality of the service and to expanding the collection and treatment of sewage can be observed from the prominent position of the municipalities in the interior of the State of S&#227;o Paulo operated by SABESP in sectoral studies, such as those drawn up by Instituto Trata Brasil, Abes and the National Health Foundation. The actions and investments in the state&#8217;s interior region, together with the progress made in the metropolitan region and in the coastal region of the State of S&#227;o Paulo, contribute directly to improving the quality of the main rivers that intersect the state. In this context, apart the Tiet&#234; river, the important rivers are the Para&#237;ba do Sul and its tributaries and the Jundia&#237;, which after more than three decades is once again harboring the fish that gave the river it name, the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>jundi&#225;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, along with the Piracicaba river, which year after year has been registering improvement in the quality of its waters.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Investments in the Vale do Ribeira also reflect the excellent condition of the Paranapanema, a river that separates the states of S&#227;o Paulo and Paran&#225;, which has one of the best water quality classifications to be found anywhere in the country.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Although it is obvious that sanitation work plays a vital role in the improvement of water bodies, it should be pointed out that the origin of the pollution of rivers and streams lies in the industrial effluent that has been disposed of in an irregular way, in the garbage thrown into the streets that ends up being carried by the rains into the rivers (diffuse pollution), in the disorderly occupation of the soil, especially in areas of environmental protection, as well as the illegal dumping of sewage in rainwater drains, and it is essential that society and the municipalities take action to ensure the correct disposal of garbage, proper residential connection to the sewage collection networks and the cleaning of the cities.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 2pt 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Sanitation on the coast of the State of S&#227;o Paulo</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Over the course of its eleven-year existence, the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Onda Limpa (Clean Wave) Program</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, which is the largest environmental sanitation program on the Brazilian coast, has already received investments of around R$ 1.9 billion in sanitation construction projects in the Baixada Santista region, which are carried out using the company&#8217;s own resources as well as financing from JICA and the BNDES. Since the program first got under way, in 2007, the coverage ratio of the sewage collection networks has risen from 53% to 80%, with 100% of the sewage collected being treated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The highlight in 2018 was the start of the 2nd Stage of the Clean Wave Program, with the contracting of the construction work for the adaptation and improvement of sanitation in the municipality of Praia Grande, with a total investment of about R$ 400 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In the Northern Coastal region, 69% of the formal area is covered by the sewage network and 100% of the sewage collected is treated. When the program first began, more than a decade ago, the level of sewage collection was a mere 36%. It should be stressed that the company treats 100% of the sewage collected in the region&#8217;s four cities. In 2018, approximately R$ 46 million was invested in the program.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 2pt 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Greater access for low income families</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Notwithstanding the investments made in the expansion of the collection networks, the lack of economic conditions for a segment of customers to connect their sanitary installations to SABESP&#8217;s pipelines means that sewage continues to be disposed of in an irregular way. In order to deal with these situations, at the end of 2011 SABESP and the State Government launched the Pro-Connection Program, the operating name of which is </FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Se Liga na Rede</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> (Connect to The Network)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Under the Program, interconnection installation costs are paid entirely by the government (80%) and by SABESP (20%). Concession of a social tariff is one of the social actions aimed at providing access to low-income families (up to three times the monthly minimum wage). By 2018, internal adjustments and connections had been carried out in 25,500 residences.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Sewage connection is compulsory for those who live in urban areas and have a property on a street that has collectors, and it is the responsibility of city hall to undertake the relevant inspections. In 2018, SABESP registered about 145 thousand properties with irregular connections and regularized more than 25.8 thousand cases, 20 thousand of which were located in the SPMR.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 2pt 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Technology and innovation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The final destination of the solid waste from water and sewage treatment systems has been one of the areas of greatest concentration of SABESP&#8217;s studies and research to find economically viable and environmentally sustainable solutions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Due to its size, the Barueri Sewage Treatment Station (STP), which is the largest sewage treatment plant in South America and which accounts for more than half of the total volume of sewage treated in the S&#227;o Paulo Metropolitan Region, has been the object of major projects, such as the thermal treatment of sludge using plasma technology. In the final stage of implementation of the pilot project, this technology converts the sludge into vitreous residue, which offers significant potential for the reuse of the material in civil construction, along with other uses. The conversion is made by subjecting the sludge to high temperatures (of around 1500 &#176;C), which drastically reduces the volume of waste to be transported and disposed of in landfills.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>At plants in the state&#8217;s interior, sludge drying initiatives by means of solar irradiation are under development. In this context, in 2018 SABESP obtained approval from the Ministry of Agriculture to produce and commercialize the product resulting from the transformation of the sludge from sewage treatment plants into organic fertilizer, based on this process. Christened Sabesf&#233;rtil, production of the fertilizer is in the process of being implemented at the Lageado STP in the municipality of Botucatu, with a capacity to process up to 25 tons of sludge a day. The marketing strategy is under study.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The organic fertilizer can be used for various crops, such as sugarcane, coffee, apples, oranges, corn and soybeans. There are only restrictions on crops in flooded areas, pastures and plants of which the edible part has direct contact with the soil - such as green vegetables, tubers and roots. Sabesf&#233;rtil&#8217;s studies began in 2014, in partnership with Unesp and FAPESP. The whole production process has undergone technical analysis and studies and the final product is in accordance with the standards required by the regulatory bodies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The processing system of biogas for vehicle use was inaugurated in the municipality of Franca as a result of a partnership with the German Fraunhofer Institute. The station treats an average of 500 liters of sewage a second and produces about 2,500 Nm&#179; of biogas a day. The resulting biomethane is the equivalent of 1,500 liters of gasoline. At the same time, performance and fuel autonomy analyzes are being carried out on different vehicles, such as its use in buses and in passenger vehicles.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>What this set of actions that are under way have in common is the important mission of contributing to the sustainability of the entire sewage treatment process, with a view to reducing operating costs and also reducing the amount of sludge disposed of in landfills. In the case of the biomethane, it also helps reduce the greenhouse gas emissions which are produced by conventional fuels. </FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#1f4e79 face=calibri,sans-serif>RESULTS CONVERTED INTO GREATER ACCESS AND QUALITY OF SERVICES</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 14pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In light of the mission to continue to work towards universal access to sanitation in the State of S&#227;o Paulo, and also as a result of the effect of the change in the population&#8217;s consumption pattern due to the water crisis and the poor performance of the Brazilian economy, in 2018 the Company endeavored to maintain its economic-financial balance. This was largely achieved by means of the interaction with ARSESP over the course of the process of the 2nd ordinary tariff review, the formalization of program agreements with key municipalities in the Baixada Santista Metropolitan Region and, also with </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>the efforts put into the recovery of debt owed by</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif> the municipality of Guarulhos.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In the midst of an extremely uncertain political environment on account of the elections for the state and federal governments, the Company registered the start of another historical partnership: an agreement with the Municipality of Guarulhos to settle its debt with SABESP and hand over operation of the municipality&#8217;s water and sewage services to the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The agreement, which was signed in December 2018, included an Adjustment Agreement for Payment and Receipt of Debt between the Guarulhos Autonomous Water and Sewage Service, the Municipality of Guarulhos and SABESP, in addition to a Public Services Provision Agreement, which follows the same principles as the metropolitan agreements that have already been signed in the region.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The signing of the Adjustment Agreement brings to a close all legal disputes between the parties and suspends the court order debt payments for the term of the Agreement, which will remain as guarantees of full compliance with the Adjustment Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition, the Adjustment Agreement also provides for the transfer of the sum of R$ 50 million from SABESP to the municipality with the objective of equating the administrative costs to terminate the provision of the Services by SAAE and, that all the civil servants and employees who are among SAAE&#8217;s permanent headcount are temporarily assigned to SABESP for a period of six months. As of the seventh month, 400 of SAAE&#8217;s employees will remain assigned for a maximum period of four years, with SABESP being responsible for all the costs associated with these assignments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>By means of the Adjustment Agreement, the State of S&#227;o Paulo and the Municipality granted the Company, for a period of 40 years, the services of water supply and the collection, disposal and treatment of sewage, with the exception of a portion of the sewage disposal and treatment, which will remain under the direct or indirect responsibility of the Municipality.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP will invest about R$ 2 billion in the municipality over the course of the agreement period and all commercial management of the services will be carried out by the Company, including meter reading, billing, collection and customer relations. The regulatory functions, including tariffs, control and supervision of the services were delegated to Arsesp.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition, the agreement includes a regulatory transfer from SABESP to the Municipal Fund for Environmental Sanitation and Infrastructure of (i) the annual sum of R$ 30 million in the first 5 years of the contractual term; and (ii) from the 6th year of the agreement onwards, 4% of the net revenue earned in the Municipality, which will be transferred to the tariff, as authorized by ARSESP in the Second Ordinary Tariff Review.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition to improving services in Guarulhos, which, with a population of 1.3 million, is the second most populous city in the State of S&#227;o Paulo, the agreement contributes to the clean-up of the Tiet&#234; River and guarantees legal, financial and asset security to SABESP, its </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>shareholders and creditors, as well as enabling the company to provide quality services directly to the population.</FONT></P>

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<FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>More information about the Adjustment Agreement and the Agreement with Guarulhos can be found in the Material Fact published on December 12, 2018.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Debit balances of the other municipalities served on a wholesale basis </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Among the municipalities to which SABESP supplies water on a wholesale basis, Mau&#225; and Santo Andr&#233; continue to record a significant history of default.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In 2015 and 2016, the Company signed Memorandums of Intent with Santo Andr&#233; and Mau&#225;, respectively, in an attempt to recover the amounts owed and to reestablish commercial relations. However, negotiations were interrupted in 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The Company signed a new Memorandum of Intent with the municipality of Santo Andr&#233; in March 2019 to draw up studies and assessments, with a view to the establishment of commercial relations and </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>consideration of </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>the existing debts. The negotiations with the municipality of Maua that were announced in April 2018 have not made any progress.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Proposal to amend the Sanitation Legal Framework</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP&#8217;s operations take place both in locations where responsibilities for planning, supervision and regulation, including the tariffs for basic sanitation services, are assigned to the municipalities, as well as in locations where they are shared between the state and the municipality. Federal Law No. 11.445/2007 introduced national guidelines for the contracting and provision of the services, and subsequently Federal Decrees No. 7,217/2010, 8,211/2014, 8,629/15 and 9,254/17 regulated the application conditions of the aforesaid law.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Federal Law 11,455/2007 requires the States to set up independent entities with the responsibility to regulate, including tariffs, and also to monitor and oversee the services. Supplementary State Law No. 1,025/2007 governs ARSESP&#8217;s regulatory and supervisory responsibilities in relation to the basic sanitation services that the Company provides in municipalities that have accepted the state agency&#8217;s rules. The guidelines according to which the Company adjusts its tariffs were defined by State Decree No. 41,446/1996, which was ratified by Federal Law 11,445/2007, and regulated by resolutions issued by ARSESP.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>However, on December 28, 2018, the Presidency of the Republic published Provisional Measure No. 868 (MP 868), which proposes to amend Federal Laws Nos. 11,445/07, 9,984/00, 10,768/03 and 13,529/17. This measure is valid for 120 days (sixty days, extendable once only for a period of the same length) from the date of publication and its conversion into law is awaiting approval by the National Congress.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Although MP 868 has been in force since its publication, it is currently not possible to predict its impacts on the agreements that will be signed while it is force. If the measure is converted into law, the Company&#8217;s business, operating results and financial condition may be affected.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Economic-Financial Performance</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, the Company posted a net income of R$ 2.8 billion, against the R$ 2.5 billion registered in 2017</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>History of Income</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Net operational revenue (including construction revenue) came to a total of R$ 16.1 billion, a 10.1% increase over the previous year.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>History of Net Operational Revenue</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Gross operating revenue from the provision of sanitation services (excluding construction revenue) totaled R$ 14.3 billion in 2018, which is an increase of R$ 2.1 billion, or 16.6%, by comparison with the R$ 12.2 billion figure registered in 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The increase in gross operational revenue can mainly be attributed to the following factors: (i) the 7.9% tariff repositioning since November 2017, (ii) the 3.5% tariff repositioning since June 2018, (iii) a 1.5% increase in the total volume billed, and (iv) the agreement with the municipality of Guarulhos in 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Construction revenue declined by R$ 350.0 million, or 11.1%, by comparison with 2017. The variation is mainly due to the greater investment made in the construction of assets within the municipalities operated in 2017, particularly in the S&#227;o Louren&#231;o Producing System.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>35</FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>History of Gross Operational Revenue</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Volume of water and sewage billed <SUP>(1)</SUP> by category of use - million m<SUP>3</SUP></FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Water + Sewage</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2017</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>%</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Residential</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,607.0</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,580.9</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.7</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,375.6</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,346.5</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2.1</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2,981.6</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2,927.4</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.9</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Commercial</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>166.8</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>166.1</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>0.4</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>161.3</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>159.3</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.3</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>328.1</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>325.4</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>0.8</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Industrial</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>31.0</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>31.4</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>(1.3)</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>37.7</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>37.5</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>0.5</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>68.7</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>68.9</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>(0.3)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Public</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>40.4</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>40.8</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>(1.0)</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>36.4</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>36.3</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>0.3</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>76.8</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>77.1</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>(0.4)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Total retail</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,845.2</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,819.2</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.4</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,610.0</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,579.6</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.9</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>3,455.2</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>3,398.8</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.7</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Wholesale <SUP>(2)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>262.7</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>256.7</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2.3</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>31.1</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>37.6</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>(17.3)</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>293.8</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>294.3</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>(0.2)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Total </FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: -5.55pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2,107.9</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: -5.55pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2,075.9</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: -5.55pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.5</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: -5.55pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,641.1</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: -5.55pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,617.2</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: -5.55pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.5</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: -5.55pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>3,749.0</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: -5.55pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>3,693.1</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: -5.55pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.5</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 20.25pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>Not audited</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 20.25pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>Wholesale includes the volumes of re-use water and non-domestic sewage</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>3<FONT style="FONT-SIZE: 11pt" face=Georgia>6</FONT></FONT></FONT></FONT></P></DIV></DIV>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 20.25pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Volume of water and sewage billed <SUP>(1)</SUP> by region - million m<SUP>3</SUP></FONT></B></P>

<DIV align=center>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.2pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Water</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Sewage</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Water + Sewage</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>%</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>%</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Metropolitan</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,194.5</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,175.8</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.6</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,043.8</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,024.1</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.9</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2,238.3</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2,199.9</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.7</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Regional systems<SUP> (2)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>650.7</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>643.4</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.1</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>566.2</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>555.5</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.9</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,216.9</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,198.9</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.5</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Total retail</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,845.2</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,819.2</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.4</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,610.0</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,579.6</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.9</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>3,455.2</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>3,398.8</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.7</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Wholesale <SUP>(3)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>262.7</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>256.7</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2.3</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>31.1</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>37.6</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>(17.3)</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>293.8</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>294.3</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>(0.2)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Total </FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2,107.9</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2,075.9</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.5</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,641.1</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,617.2</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.5</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>3,749.0</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>3,693.1</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1.5</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>(1) Not audited</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>(2) Consisting of the coastal and inland regions</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>(3) Wholesale includes the volumes of re-use water and non-domestic sewage</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In 2018, costs, administrative and commercial expenses and construction costs showed a 2.8% increase (R$ 297.0 million). Disregarding the effects of construction costs, the increase was 8.4% (R$ 637.8 million). The share of costs and expenses in net revenue was 68.0% in 2018, compared with 72.9% in 2017. For further information regarding the composition and changes in costs and expenses, see the Earnings Release, which is available on the Company&#8217;s website at </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#0563c1 face=calibri,sans-serif>www.sabesp.com.br/investidores</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>, item Financial and Operational Information in the top menu.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Adjusted EBITDA showed a 24.1% increase, rising from R$ 5,269.3 million in 2017 to R$ 6,540.6 million in 2018, and the adjusted EBITDA margin was 40.7%, vis-&#224;-vis the 36.1% result seen in the previous year. Excluding the effects of construction revenue and costs, the adjusted EBITDA margin was 48.8% in 2018 (versus 45.4% in 2017).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; History of Adjusted EBITDA and Adjusted EBITDA Margin</FONT></B></P>

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<IMG border=0 src="grafico4.gif">&nbsp;</FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Reconciliation of Adjusted EBITDA<SUP>1</SUP> (Non-accounting Measurements)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (R$ million)</FONT></B></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>2018</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>2017</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>2014</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Net income</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>2,835.1 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>&nbsp;2,519.3</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>2,947.1 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>536.3</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>903.0</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Financial income</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>1,264.3 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>&nbsp;458.1 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(699.4)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2,456.5</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>635.9 </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>1,392.6 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>&nbsp;1,301.9 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>1,146.6 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,074.1</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,004.5</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Income and social contribution taxes</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>1,077.3 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>&nbsp;984.3 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>1,181.9 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>51.2</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>371.8</FONT></P></TD></TR>

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   <TD style="HEIGHT: 29.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Other operating revenues/expenses, net<SUP>2</SUP></FONT></P></TD>

   <TD style="HEIGHT: 29.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(28.7)</FONT></P></TD>

   <TD style="HEIGHT: 29.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>&nbsp;5.7 </FONT></P></TD>

   <TD style="HEIGHT: 29.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(4.7)</FONT></P></TD>

   <TD style="HEIGHT: 29.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>(143.8)</FONT></P></TD>

   <TD style="HEIGHT: 29.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>3.5</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Adjusted EBITDA </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>6,540.6 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>&nbsp;5,269.3 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>&nbsp;4,571.5 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>3,974.3</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2,918.7</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Adjusted EBITDA margin</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>40.7 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>&nbsp;36.1 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>32.4 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>33.9</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>26.0</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Construction revenues</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(2,802.7)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>&nbsp;(3,150.9)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(3,732.9)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>(3,336.7)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>(2,918.0)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Construction costs</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>2,739.7 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>&nbsp;3,080.5 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>3,651.4 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>3,263.8</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2,885.5</FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Adjusted EBITDA excluding construction revenues and costs</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>6,477.6 </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>&nbsp;5,198.9 </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>4,490.0 </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>3,901.4</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>2,886.2</FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Adjusted EBITDA margin excluding construction revenues and costs</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>48.8 </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>&nbsp;45.4 </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>43.3 </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>46. 6</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>34.4 </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#2e74b5 face=calibri,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>3<FONT style="FONT-SIZE: 11pt" face=Georgia>8</FONT></FONT></FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt; VERTICAL-ALIGN: super" face=calibri,sans-serif>1</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif> Adjusted EBITDA (&#8220;Adjusted EBITDA&#8221;) corresponds to net income before: (i) depreciation and amortization expenses; (ii) income tax and social contribution; (iii) the financial result and (iv) other net operating revenues/expenses. Adjusted EBITDA is not a measure of financial performance according to the accounting practices adopted in Brazil, or the IFRS - International Financial Reporting Standard, nor should it be considered in isolation or as an alternative to net income, as a measure of operational performance, or as an alternative to operational cash flows, or as a liquidity measure. Adjusted EBITDA has no standardized meaning, and the Company&#8217;s definition of Adjusted EBITDA may not be comparable to those used by other companies. The Company&#8217;s management believes that Adjusted EBITDA provides a useful measure of its performance, which is widely used by investors and analysts to evaluate performance and compare companies. Other companies may calculate Adjusted EBITDA in a different way to the Company. Adjusted EBITDA is not part of the financial statements.</FONT></P><FONT lang=PT-BR></FONT>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Adjusted EBITDA is designed to present an indicator of operational economic performance. Sabesp&#8217;s adjusted EBITDA is equal to net income before net financial expenses, income tax and social contribution, depreciation and amortization, and other net operating revenues/expenses. Sabesp&#8217;s Adjusted EBITDA serves as a general indicator of economic performance and is not affected by debt restructuring, interest rate fluctuations, changes in the tax burden, or levels of depreciation and amortization. As a result, Adjusted EBITDA serves as an appropriate instrument for a regular comparison of operating performance. In addition, there is another formula for calculating Adjusted EBITDA that is adopted in clauses of some financial commitments. Adjusted EBITDA allows a better understanding not only of operational performance but also of the Company&#8217;s ability to meet its obligations and raise funds for investments in capital goods and working capital. However, Adjusted EBITDA, has limitations that prevent it from being used as an indicator of profitability because it does not take into account other costs resulting from Sabesp&#8217;s activities or certain other costs that may significantly affect its profits, such as financial expenses, taxes, depreciation, capital expenses and other related charges.</FONT></P><FONT lang=PT-BR></FONT>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT>&nbsp;</P><FONT lang=PT-BR></FONT></DIV>

<DIV id=ftn2><FONT lang=PT-BR></FONT>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 8pt; VERTICAL-ALIGN: super" face=calibri,sans-serif>2</FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=calibri,sans-serif> Other operational revenues consist of gains on sales of property, plant and equipment, sales of public notices, sale of electricity rights, indemnification and reimbursement of expenses, fines and sureties, leasing of real estate, re-use water, Pura&#8217;s projects and services and are shown net of Cofins and Pasep. Other operational expenses consist of the write-off of concession assets due to obsolescence, deactivated construction works, unproductive wells, economically unviable projects, loss of fixed assets and surplus cost of commercialized electricity</FONT></P><FONT lang=PT-BR></FONT></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-DECORATION: none" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Investments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In 2018 the Company invested the sum of R$ 4.2 billion. Out of this total, R$ 2.1 billion are investments that did not affect cash.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The table below details the investments made, broken down between water, sewage and the region</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>:</FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 14.2pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>R$ million current&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>

<DIV align=center>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Water</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Sewage</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>S&#227;o Paulo Metropolitan Region</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>1,986.3 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,495.7</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>3,482.0</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Regional Systems (inland and coast)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>338.0 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>357.4</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>695.4 </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Total</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>2,324.3 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>1,853.1</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>4,177.3 </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Note: Does not include the commitments assumed under the program agreements (R$ 207 million).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>For the period from 2019 to 2023, the Company plans to directly invest about R$ 18.7 billion, with R $ 7.7 billion of this being in water and the remaining R$ 11.0 billion in sewage collection and treatment:</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;
<IMG border=0 src="grafico5.gif"></FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=candara,sans-serif>&nbsp;</FONT></P>

<P style="MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Indebtedness</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, total debt amounted to R$ 13.2 billion, by comparison with the R$ 12.1 seen in 2017. Amortization in the period totaled R$ 1.7 billion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The increase in total debt was partially due to the dollar&#8217;s and yen&#8217;s appreciation against the Real, which raised the amount of foreign currency denominated debt to R$ 6.7 billion (in 2017 the figure was R$ 5.7 billion), an amount equal to 50.7% of the total indebtedness.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The dollar ended the year at a price of R$ 3.8748, which represents a 17.1% increase against 2017. The yen rose from R$ 0.02940 as at December 31, 2017 to R$ 0.03527 as at December 31, 2018, which is an appreciation of 20%. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Although there was this increase in debt, there was a reduction in the covenant ratio (financial leverage indicator) &#8220;Total Debt/Adjusted EBITDA&#8221; which dropped from 2.27 times in 2017 to 1.99 times in 2018. This level of indebtedness is below the contractual limit of 3.65 times, which is a requirement of some issues of the Company&#8217;s debentures (15th, 17th, 19th and 20th). This covenant is also included in the 2020 Eurobonds, in the AB Loan and in the Syndicated Loan (Deutsche Bank US $ 150,000,000).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The most recent issues of debentures (21st and 22nd Issues) use the covenant ratio &#8220;Adjusted Net Debt/EBITDA&#8221;, with a limit of 3.5 times, with Net Debt corresponding to Total Debt minus cash and cash equivalents, in addition to net marked-to-market value of foreign currency-denominated hedge transactions, as defined in the deeds of issue. This change seeks to align the indicator with market practice, which for the most part uses the net debt indicator. At the end of 2018 the covenant ratio &#8220;Adjusted Net Debt/EBITDA&#8221; stood at a level of 1.52 times.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP does not use currency hedging instruments. The foreign currency debt is very low cost, has diluted payment flow and a long-term maturity, enabling the Company to mitigate and offset the effects of the FX variation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Company has adequate access to the domestic and international credit markets, maintaining strong relationships with public sector banks, particularly the National Bank for Economic and Social Development (BNDES) and the Federal Savings Bank (Caixa Econ&#244;mica Federal), as well as multilateral agencies such as the IDB (Inter-American Development Bank), IBRD (International Bank for Reconstruction and Development) and JICA (Japan International Cooperation Agency).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In this way, it benefits from an extended debt amortization profile, at financing costs compatible with its investment cycle, particularly those granted by domestic official banks and multilateral lending agencies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The ratings assigned to SABESP remained stable throughout 2018. Of the main rating agencies, only S&amp;P reviewed the credit rating. Thus the long-term domestic rating that was brAA-, at the end of 2017, went to brAAA in 2018, while the global scale rating went from BB to BB-, reflecting the downgrade of Brazil&#8217;s foreign currency credit rating by S&amp;P from BB to BB-. The Company&#8217;s ratings at the end of 2018 are shown below:</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>Fitch</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>Moody&#8217;s</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>S&amp;P</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Domestic scale</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>AA(bra)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>Aa2.br</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>brAAA</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Global scale</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>BB</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>Ba2</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 1.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>BB-</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Additionally, in February 2019, the final installment of SABESP&#8217;s 15th Debenture Issue was repaid and in March, full early redemption was made of the R$ 250 million balance of the 20th issue of debentures.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Fund-raising</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, the Company contracted a sum of R$ 1.4 billion, used to rebuild cash, to refinance financial commitments and to finance its investment plan. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In February 2018, SABESP made its 22nd Issue of Debentures, in the total amount of R$ 750 million, divided into three series. The first series, in the amount of R$ 100 million, maturing in 3 years, single repayment and remuneration of the CDI rate + 0.58% p.a., the second series, in </FONT>


<FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>the amount of R$ 400 million, maturing in 5 years, repayment in two annual installments and remuneration of the CDI rate + 0.90% p.a., and the third series, in the amount of R$ 250 million, maturing in 7 years, repayment in two annual installments and remuneration of the IPCA rate + 6.00% p.a. The funds were used for the refinancing of financial commitments that matured in 2018 and to rebuild cash.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia><FONT style="FONT-SIZE: 11pt" face=Georgia>40</FONT></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In December 2018, the Company signed financing agreements with the Caixa Econ&#244;mica Federal, for a total of R$ 652.2 million. These loans were selected by the Ministry of Cities - Advance Cities Program. The funds come from the FGTS (Government Severance Indemnity Fund for Employees) and will be used for water supply and sanitary sewage construction works and services in municipalities located, for the most part, in the Metropolitan Regions of S&#227;o Paulo and Campinas. The total term is of up to 24 years, with a grace period of up to 4 years and interest pegged indexed to the TR (Referential Rate) plus 6% per annum, plus an administration fee of 1.4% a year and a risk fee of 0.5% a year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>More information on the Company&#8217;s sources of financing can be found in Note 17 to the Financial Statements.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Stock Market</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, the IBOVESPA index closed up 15.0%, boosted by political and economic expectations, while SABESP&#8217;s shares ended the year at a price of R$ 31.50, which was a 5.5% decline by comparison with the R$ 34.33 recorded at the end of 2017. The Company&#8217;s capitalization process was halted and the disclosure by ARSESP of SABESP&#8217;s Tariff Repositioning Index of 3.5070% was regarded as less than that which had been estimated for the Company. In this context, the agreement with the municipality of Guarulhos, which was signed on December 12, 2018, was not enough to overcome the market&#8217;s disappointment in the previous months.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP&#8217;s ADRs closed down 21.2%, at US$ 8.02, impacted by events in the Brazilian market and due to the 17.1% depreciation of the Real against the US Dollar in 2018. In the same year, international stock markets ended the year in decline for a number of factors, with the US market as follows: Dow Jones -5.6%, Nasdaq -3.9% and S&amp;P 500 -6.2%. The Company&#8217;s shares participated in 100% of the B3 trading sessions and the annual financial volume traded was R$ 12.3 billion, which is a 2.4% decrease against 2017. On the New York stock exchange, the year ended with 125.3 million ADRs being traded and an annual financial volume of US$ 3.9 billion, which was 11.4% less than in 2017. The equity value of the shares ended the year at R$ 28.59, which was an 11.5% increase by comparison with 2017. In 2018, SABESP continued to be included in one of B3&#8217;s main indices and continued to be monitored by the market&#8217;s main financial institutions.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Tariffs and Regulation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In May 2018, ARSESP announced the outcome of the Final Stage of SABESP&#8217;s 2nd Ordinary Tariff Review, which resulted in a tariff repositioning index of 3.5070%. In light of this result which was considered to be below expectations, SABESP filed a request for reconsideration with ARSESP together with a request for clarification and revision.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The request for reconsideration consists of an administrative appeal addressed to ARSESP&#8217;s President, requesting a review of the regulatory decision based on ARSESP Resolution No. 794/2018 and aims to apply the due compensatory adjustment on revenue, electricity cost and investments measured during the first cycle.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The request for clarification and revision requests: i) an explanation of the reasons that led to a significant reduction in the final projections of OPEX for the period 2017 to 2020; ii) a </FONT>


<FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>revision of the X Factor calculations; iii) a revision of the calculations of the compensatory adjustment on account of the delay in the application of the 2nd Ordinary Tariff Review; and iv) revision of the calculation of the financial component in relation to municipal funds.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In response, in February 2019 ARSESP decided to refuse the aforementioned request for reconsideration (administrative appeal). With regard to the request for clarification and revision, ARSESP corrected the X Factor and the compensatory adjustment on account of the delay in the application of the 2nd Ordinary Tariff Review, which will imply an index of 0.8408%, to be applied in May 2019, together with the annual tariff adjustment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>For the purpose of providing reliability, clarity and security to decision-making in the regulatory process related to ARSESP&#8217;s 2019-2020 Regulatory Agenda, in November 2018, ARSESP opened Public Consultation No. 09/2018, the result of which was announced in January 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>One of the topics of the 2019-2020 Agenda is the regulatory criteria for recognition in the tariffs of transfers to municipal funds for basic sanitation, expected to be concluded in the first half of 2019. For this discussion ARSESP opened Public Consultation No. 02/2019.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Dividends</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In accordance with the Company&#8217;s Bylaws, the common shares are entitled to the mandatory minimum dividend, which corresponds to 25% of net income for the year, obtained after deductions determined or permitted by law and that can be paid in the form of interest on equity. In addition, in 2018, the Company drafted its dividend distribution policy, to which it added that the payment of the mandatory minimum dividend will be maintained until such time as universal access to basic sanitation services is achieved in the area operated. The policy also provides that dividends may be paid in the form of interest on equity. In this case, the income tax levied on the amount to be paid to the shareholder will be considered an additional dividend.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, SABESP distributed dividends in the form of interest on equity in the amount of R$ 703.9 million, related to 2017, which translates into around R$ 1.0298 per common share, a pay-out of 27.94% and a dividend yield of 3.0%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In relation to 2018, the Board of Directors resolved on the proposal to pay interest on equity in the amount of R$ 792.2 million, which corresponds to R$ 1.15900 per common share, a payout of 27.94% and a dividend yield of 3.68%, with payment scheduled to commence on June 28, 2019.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>ENVIRONMENT</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#1f4e79 face=calibri,sans-serif>ENVIRONMENTAL MANAGEMENT, INNOVATION AND TECHNOLOGY FOR THE BENEFIT OF SUSTAINABILITY</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Basic sanitation has sustainability at its heart, with a positive impact on public health, the quality of people&#8217;s lives and the socioeconomic development of the area served. At SABESP, environmental management is backed up by a set of procedures that combine environmental issues with business guidelines. In addition, the quest for innovation and technological increase makes up one of the Company&#8217;s strategic lines, encouraging research, design, and the adoption and dissemination of new sustainable solutions that add technology and efficiency to water and sewage services.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Supported by an Environmental Policy, the Company aims to achieve the integrated development of its activities by means of corporate programs which are focused on operations. For this task, in 2007 an environmental corporate area was set up, along with Environmental Management Centers (NGAs) at the Business Units, where they act as environmental management operational agents. These programs are disseminated throughout the entire area operated by means of the NGAs, ensuring the uniformity of procedures and information, and based on two pillars: namely the maintenance of environmental compliance and of changing the environmental culture at SABESP.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Environmental Management System and ISO 14001 Certification</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, on the operational front, SABESP continued with the progressive implementation of the Environmental Management System (SGA) at the Sewage Treatment Stations (STPs) and water treatment plants (WTPs). Structured in 2009, this corporate program is based on the main guidelines of ISO 14001, with a focus on the development of preventive and sustainable actions, with improvement in the operation and of the processes at the treatment stations, as well as minimizing accident risks and generating environmental liabilities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Since 2015, SABESP has been working with a mixed model, with ISO 14001 being applied to a limited number of certified stations, and the company uses its own environmental management model (known as SGA-SABESP) for the other stations, without certification objectives. The model was developed with a view to streamlining the process of implementing this system at the various business units, with its main emphasis being on facilitating the incorporation of environmental management tools into the operational routine.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Over the course of 2018, the SGA was implemented at 94 stations, maintaining ISO 14001 certification at another 35 stations. In all, the SGA is present in 271 water and sewage stations, with annual targets for expansion of the system and with the prospect of its being implemented at all the stations in operation by 2024.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Training of multipliers for the protection of the environment</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Based on the Environmental Policy, SABESP&#8217;s environmental actions are also directed towards the dissemination of the message of sustainability and knowledge about the correct use of the installed sanitation structure. In addition, it depends on the involvement of society and partnerships with educational institutions, town halls and non-governmental organizations in order to promote initiatives that encourage mobilization for preservation and respect for the environment.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Corporate Environmental Education Program (SABESP PEA) includes activities of various types such as training courses and lectures for teachers and students, theater plays, tree planting, competitions, collective efforts for the cleaning-up of beaches and rivers, the release of fry and monitored visits to STPs and WTPs, as well as activities on commemorative dates, such as World Water Day, Environment Day and Tree Day. In 2018, the SABESP PEA gave more than 1,300 environmental education talks and received more than 1,500 monitored visits to the Company&#8217;s facilities, catering to around 75 thousand visitors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In 2018, the highlight was the &#8220;Guardians of the Planet&#8221; project and activities involving thousands of </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>elementary school and technical secondary school students</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif> in the municipality of Botucatu, the 5th National Child and Youth Conference for the Environment, which brought together 1,500 students in the municipality of Lins, a competition for water and electricity savings in the municipality of Itapetininga, collective planting in the streets of the municipality of Santa Cruz do Rio Pardo and social and environmental education work for the community in the area around the Humait&#225; STP in the municipality of S&#227;o Vicente.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition, there is a corporate environmental training program for employees with specific courses aimed at the operational areas, managers and leaders, covering topics such as the management of water resources, environmental legislation and environmental management practices in the operation, with more than 1,600 people receiving training in 2018.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Initiatives for efficient management of water resources</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP participates in and acts in the various levels of the National Water Resources System. It has a seat on the National Council of Water Resources (CNRH) as well as in six of its technical chambers. In the State Water Resources Council - CRH, SABESP has representation in all seven technical chambers. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Company also takes part in all of the State of S&#227;o Paulo&#8217;s 21 Water Basin Committees and in the 4 Interstate Committees, giving priority to the activities in the chambers that deal with Planning, Sanitation, Environmental Education and Charging for Water Use. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, the Company disbursed R$ 78.7 million by way of payment for the use of the water resources of rivers under federal and state control. Charges have been implemented in almost all of the hydrographic basins, and it is predicted that 2019 will see the start of charges being made Northern Coastal Region, S&#227;o Jos&#233; dos Dourados and Alto Paranapanema.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Charging for the use of water is a topic of great interest to SABESP, bearing in mind its relevance in the national debate regarding scarcity and awareness in relation to the rational use of this resource. It is also an important source for financing for the actions planned by the Committees for the recovery and preservation of water resources. Another topic of interest to the Company is focused on the classification of the bodies of water and the need to establish a pact for water quality goals associated with its uses. Among other issues, it is worth highlighting that laws are being drafted for the protection of water sources used for water supply.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>With regard to the grants, the existing operating complex is the subject of the Corporate Program for Obtaining and Maintaining the Grants of Right of Use of Water Resources, involving, in particular, the collection grants and the effluent discharge grants, and, as far as environmental licensing is </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>concerned, the Corporate Programs for Obtaining and Maintaining Environmental Licensing of STPs, WTPs and Sewage Pumping Stations (EEEs), the licenses for which have to be renewed from time to time.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>For the environmental licensing of new projects, when necessary, forest recovery obligations are established, by way of environmental compensation, so that SABESP is implementing the Corporate Program for Regularization of Terms of Commitment for Environmental Recovery. This program envisages the planting and maintenance of 1 million seedlings of regional native species over a ten-year period in order to meet current obligations as well as future environmental compensation resulting from the implementation of new ventures.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The work began and is part of the Government of the State of S&#227;o Paulo&#8217;s Nascentes Program. Currently, 416 thousand seedlings have been planted and are being cared for in the Cantareira System, in the area around the Cachoeira Reservoir, and 58 thousand seedlings in the Vale do Para&#237;ba, in the municipality of Igarat&#225;. The planting and care of a further 150 thousand seedlings in Cachoeira has already been contracted together with another 110 thousand in the municipality of Mirante do Paranapanema.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Due to the need to preserve water resources, the Company owns and maintains areas inside conservation units, undertaking forest recovery (planting), in addition to supervision and monitoring work. The areas are also made available for environmental studies by universities and activities with the involvement of society through NGOs and other institutions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Since 1990, SABESP has had two nurseries that have already produced more than 900 thousand native seedlings, of 170 different species, to meet the needs of the projects for the restoration and reconstitution of riparian forest in the area around the water sources that supply the Metropolitan Region of S&#227;o Paulo. The company also maintains a nursery at the STP in the municipality of Jales, which provides around 5,000 seedlings a year.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Climate change and the management of greenhouse gas emissions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Climatic conditions and extreme events have a direct impact on sanitation activities. Therefore, SABESP&#8217;s environmental management is focused on technical training, the quantification of greenhouse gas emissions and initiatives aimed at reducing these emissions, as well as adapting to the current climatic conditions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In this context, the Company has set up the Corporate Program for the Management of Greenhouse Gas (GHG) Emissions, which results in the preparation of annual inventories for the measurement of these emission, the promotion of awareness about climate issues and incentive for actions that reduce GHG emissions in the operation. These initiatives are in alignment with the responsibilities established in the guidelines and requirements of the State Policy on Climate Change (PEMC).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, SABESP completed its 2017 corporate GHG inventory, which showed total emissions of 2,369,715 tons of CO2 equivalent (tCO2e), and the same trend was observed as in previous years, namely that sewage collection and treatment activities are the largest sources of GHG emissions, </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>accounting for approximately 89.3% of the total figure. Electricity consumption is the second largest source of emissions, accounting for 9.1% of the total amount. Other activities account for approximately 1.6%.</FONT></P>

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<B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>New technologies: efficiency, cost and sustainability</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>From the innovation standpoint, SABESP seeks initiatives that target technological development, with a focus on innovation, sustainability and greater economic and financial efficiency. One example of this are the improvements that have been implemented at the &#193;gua Fran&#231;a Pinto Water Pumping Station, which guarantees the water supply in the Vila Mariana and Avenida Paulista regions, in the state capital. In partnership with Enel (the former AES Eletropaulo) via a </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Call for Proposals</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>, the pumps, panels and inverters were replaced by more modern and efficient equipment, in an attempt to reduce </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>the plant&#8217;s energy</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif> consumption.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In partnership with Enel, via a </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Call for Proposals</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>, replacement is in progress of two sets of motor pumps of the Final Pumping Station of the ABC Sewage Treatment Station (STP), with the aim of reducing the station&#8217;s consumption and optimizing the process. In conjunction with Enel, an action is also in progress to replace low-power electric motors with premium high-performance motors. The agreement between the companies rewards SABESP with 40% of the project&#8217;s total value. By means of this partnership 12 motors at water pumping stations have been replaced.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Also in 2018, in partnership with the distribution companies CPFL Paulista and CPFL Piratininga, SABESP took part in a project aimed at replacing 79 electric motors that were manufactured prior to 2009, with an average saving of 5% of the energy consumed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Also worthy of note is the pilot project of the turbo-generator in S&#227;o Bernardo. The equipment was placed in the treated water mains at the mouth of the reservoir, using the pressure from the water to convert the mechanical energy into electricity. The energy generated will be used at the plant to reduce expenditure on energy by 60%, with the surplus being transferred to the concessionaire. In line with the logic of the energy matrix&#8217;s diversification, in 2018, studies were initiated to implement a photovoltaic plant at some of SABESP&#8217;s sewage treatment ponds. SABESP&#8217;s first photovoltaic plant is in the installation phase in the municipality of Orindiuva and has a generation capacity of 1 MW.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition to these initiatives, the Company also contributes to reducing greenhouse gas emissions by means of the SABESP Fleet Renewal Program, an action that has been in place since 2011 which is focused on the replacement of light vehicles that have been in use for more than seven years and heavy vehicles that have been in use for more than 20 years. By 2018, 84% of the light vehicles and 73% of the heavy vehicles had been replaced. In addition to this Program, the Company follows the government&#8217;s guidelines regarding the use of ethanol, a renewable fuel, for vehicles with flex characteristics and Diesel S10 for heavy vehicles.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition to its environmental importance, economic benefits and the modernization of management are generated by the Fleet Renewal Program, such as reducing fossil fuel consumption, savings in terms of maintenance and documentation, and revenue obtained from the auctions for the sale of the replaced vehicles. As a result of maintaining this program the fleet&#8217;s daily availability achieved a 99.5% level, increasing the productivity of operational activities. Starting in 2018, this </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>indicator began to be assessed as acceptable within the range of excellence of between 95% and 100% availability.</FONT></P>

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<B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Research and innovation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP is guided by the incentive to research and disseminate new solutions that add technology and efficiency to the water and sewage services. This activity is made possible by means of partnerships with educational institutions, entities that encourage research and companies with state-of-the-art technology. In this way, around R$ 10.6 million was invested in 2018 in RD&amp;I projects using the company&#8217;s own resources or those raised from development entities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>2018 saw the creation of the Corporate Program of &#8220;Research, Technological Development and Innovation&#8221;, which makes it possible to differentiate between the financial resources spent specifically for this purpose within its budget structure. These RD&amp;I resources are a differential in SABESP&#8217;s results and demonstrate the company&#8217;s capacity for innovation and a pioneering approach, which can produce fiscal, tariff and financial advantages.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>One of the important partnerships, which has been maintained since 2009, relates to the Cooperation agreement between SABESP and FAPESP, which is aimed at financing research projects at Higher Education Institutions in the State of S&#227;o Paulo, and which has already yielded 17 projects with universities. Among the research partner institutions are the following: the University of S&#227;o Paulo - USP, the Aeronautics Technological Institute - ITA, the Federal University of S&#227;o Paulo - UNIFESP, the National Institute of Space Research - INPE and the State University of S&#227;o Paulo - UNESP. This Agreement provides for R$ 50 million of non-refundable financing, split equally between SABESP and FAPESP.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, the second Agreement with FAPESP was signed, the Small Company Innovative Research Program, which focuses on supporting the execution of scientific and/or technological research at micro-, small- and medium-sized companies in the State of S&#227;o Paulo.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>A Financing Agreement that was signed in 2015 with the Brazilian Innovation Agency - FINEP, has enabled SABESP to implement its &#8220;Technological Innovations Plan for Sanitation&#8221;. The Plan is made up of four projects: a system for the production of reuse water for urban and industrial use; biofiltration units for controlling odor from sewage pumping stations, a drier for sludge from sewage treatment plants (STP) using solar irradiation, which is being implemented in the municipality of Franca; and the Plasma Gasification System using solid waste from STPs, which is in the process of being implemented at the Barueri STP.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Technical cooperation agreements are another way to promote the development of technologies on topics that are a priority for SABESP, such as loss reduction, energy efficiency and alternatives for the treatment and disposal of sludge.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The technology for the use of ceramic membranes for ultrafiltration of silicon carbide for the recovery of waste water from water treatment plants is being compiled, based on an agreement that was signed with a representative of a Danish company. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Deed of Undertaking that was signed in 2017 with the Federal University of Minas Gerais, in connection with the project &#8220;Evaluation of the energy generation potential of the biogas produced in</FONT>
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<FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>anaerobic reactors applied to the treatment of domestic sewage in Brazil&#8221; made it possible to finalize the measurements and assessments of the production of biogas at the STP in the municipality of V&#225;rzea Paulista, in June 2018, which resulted in the publication of various technical papers in a technical journal of the sector.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>2018 also saw the signing of a letter of intent with the Associa&#231;&#227;o Pr&#243;-Ensino Superior in the municipality of Novo Hamburgo for scientific research, development and technological innovation in the sanitation sector, and a technical cooperation agreement with a fiber optics company to evaluate the technical, economic and commercial viability of inserting fiber optics for telecommunications in sewage networks.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Another technical cooperation agreement, which was also signed in 2018, with the &#8220;J&#250;lio de Mesquita Filho&#8221; State University of S&#227;o Paulo, is aimed at establishing and regulating a partnership for the development of scientific and technological research projects in areas of common operation and interest, in accordance with the goals of continuous improvement, modernization and sustainability. In the first phase of the Agreement, a research project was initiated to evaluate the technical and environmental feasibility of the use of sludge from a water treatment station as a raw material for the base and sub-base of road surfacing.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Also worthy of mention is the application of raw water for verifying the matrix of dissolved organic matter, which was carried out in eight of the SPMR&#8217;s water-producing systems, using an artificial intelligence project design developed by the University of Akron (USA) to manage the formation of by-products based on operational and fluorescence data.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition, a technical cooperation agreement is being formalized with a company that manufactures photovoltaic energy powered aerators. The goal is to improve the efficiency of sewage treatment by increasing organic load removal. The performance of the intermittent aeration increment will be analyzed in technical and economic terms, and the fluctuating structure of photovoltaic energy generation will be evaluated.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Reduce, reuse and recycle</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Since 2008 SABESP has had a program for the management of solid waste generated by administrative activities - the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Programa SABESP 3Rs</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> (SABESP 3Rs Program), with the objective of organizing and standardizing selective collection initiatives. As a result of this, actions and practices have been defined to minimize the generation of waste, to reuse it and forward it for recycling. Over the course of this period more than two thousand employees were trained and around 2,500 tons of recyclable waste was correctly earmarked. </FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SOCIAL RESPONSIBILITY</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#1f4e79 face=calibri,sans-serif>CREATING VALUE FOR CUSTOMERS AND PROMOTING CITIZENSHIP</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Reiterating its commitment to sustainable development, SABESP remains committed to the United Nations Global Compact and continues to support and encourage the 17 Sustainable Development Goals (SDGs).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In this context, it also demonstrates its commitment to collaborate and maintain initiatives aimed at disseminating a culture of citizenship, such as the Abrinq Foundation&#8217;s Child Friendly Company Seal (renewed for the 15th year in a row) and the State of S&#227;o Paulo&#8217;s Diversity Seal, established by the State Government.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Company also maintains an agreement with the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Associa&#231;&#227;o Amigos Metrovi&#225;rios dos Excepcionais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> (Subway Employees&#8217; Friends of the Exceptional Association), via which a number of people with disabilities operate at our customer service stations.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Institutional programs</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Corporate Volunteer Program seeks to generate change in communities in which it operates by means of campaigns, social inclusion actions, learning and care for children, the elderly and those with special needs, establishing partnerships with the communities in the surrounding area, schools, orphanages and day care centers, among other segments. The volunteer actions take into account the Sustainable Development Goals (SDGs) and are coordinated by a group of employees, who form a network with volunteers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Winter Clothing Campaign organized by FUSSESP - the State of S&#227;o Paulo&#8217;s Solidarity and Social and Cultural Development Fund, is one of the most complete and most successful corporate actions, which in 2018 achieved the mark of more than 1.5 million items collected, including coats, clothing, blankets and other items, surpassing the amount collected in 2017, and benefiting almost 500 charitable and religious entities, hospitals, hostels, day care centers, orphanages, old people&#8217;s homes and community centers, etc.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Other highlights include the Pink October Campaign, regarding the importance of breast cancer prevention, the Blue November Campaign, which is focused on prostate cancer prevention, and the Blood Donation Campaign, which in 2018 contributed 137 blood bags to the blood centers of the Hospital Samaritano and the Hospital S&#237;rio-Liban&#234;s.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>With the objective of contributing to the training of young people aged between 14 and 22, SABESP has since 2006 been running its </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Apprentice Program</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, which offers the chance to enter the jobs market, with professional training, practical learning, exchange of experience and integration between the Company&#8217;s employees, trainees and apprentices. The program is developed in conjunction with the Sao Paulo branch of the National Service of Industrial Learning - Senai/SP and has already benefited more than 3,700 young people.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>By means of financial and/or institutional support, SABESP takes part in cultural, social, educational, sports and environmental actions, promoting social development in partnership with a number of civil society organizations, via the allocation of funds from budget funds and tax incentives. These include actions and cultural projects, sports incentives, cancer care projects, and projects on behalf of the elderly, children and teenagers. In 2018, R$ 28.9 million was earmarked for support and sponsorship.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Supply Chain Management</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>At SABESP supply chain management goes beyond the acquisition of products, materials and services, seeking to establish partnerships, through which values &#8203;&#8203;and principles are shared.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Bidding procedures are carried out based on the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Internal Bidding and Procurement Regulations</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, which require documents and evidence to prove the supplier&#8217;s qualifications, including its compliance with labor, tax and environmental laws. When being contracted and during the relationship with SABESP, suppliers are required to assume responsibility also for irregular acts or facts practiced by subcontractors and/or outsourced parties on its behalf, or on behalf of its employees and agents.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The process of hiring suppliers also includes an assessment of the production process, from the raw material to the finished product; the verification of aspects related to the environment and social responsibility; and the promotion of fair trade, selecting suppliers with the same level of quality and, under these circumstances, seeking the lowest price.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP has its own process for the qualification of suppliers and their respective products, for the purchase of strategic materials. Supplier qualification covers a number of requirements, including the production process, from the raw material to the final product, and includes checks on environmental liability, such as the product&#8217;s toxicological risks, and social responsibility, such as combating forced labor and the use of child labor.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Company seeks to provide the market with the maximum possible clarity in relation to its procurement and contracting process, using electronic bidding procedures, with preconditions for taking part, requirements for contracting and guidelines with norms and principles imposed in its Internal Bidding and Procurement Regulations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition, the participation and regional contracting of local suppliers is encouraged by the Company, as provided for under Supplementary Law No. 123/06 and its supplements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In compliance with State Decree No. 53.336/08, which established the State Program for Sustainable Public Procurement, each year SABESP releases its Report on Sustainable Public Procurement, which is drawn up in accordance with the guidelines established by the Government of the State of S&#227;o Paulo&#8217;s Program for Sustainable Public Procurement, with the main socio-environmental actions and best practices applied to its supply chain.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Relations with Customers </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Respect for society and for the customer, with the offer of quality products and services, adequate tariffs and effective customer service is one of SABESP&#8217;s strategic guiding principles, which focus on boosting technology as a pillar for improving excellence in the provision of the services.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In this way, SABESP relies on the traditional customer service channels, by phone and in person, at the branches established in the municipalities in which the company operates plus 13 mobile customer service units, in addition to digital service channels such as the Virtual Branch and SABESP mobile, through which the customer can request various services. In order to increase access and include hearing impaired clients, there is a face-to-face service, with attendance in Brazilian Sign Language, when necessary.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;In addition to these options, in 2018, the Company inaugurated the Relationship Laboratory Agency at Av. M&#8217;Boi Mirim in the city of S&#227;o Paulo, with the aim of testing new technologies, processes, procedures and physical structure, in order to offer the customer greater comfort and ease.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Ombudsman&#8217;s Office, which is a qualified channel for customer service, in the second instance, to handle complaints, suggestions, reports of wrongdoing, criticism and information. In 2018, the Ombudsman&#8217;s Office received about 81 thousand contacts, which was a 20% decrease vis-&#224;-vis the same period in 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In order to improve its service, SABESP conducts a Satisfaction Survey on an annual basis, taking into account the best market practices. In 2018, 6,216 interviews were carried out throughout the entire State of S&#227;o Paulo, which makes it possible to obtain results with a 1.23% margin of error and a 95% confidence level. The overall satisfaction indicator was 81%, which means that out of every 10 customers, 8 stated that they were satisfied or very satisfied with SABESP.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>People Management</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>With a focus on promoting the professional and personal development of its employees, SABESP has adopted the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Skills-Based</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>People Management </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>model, which has been continually improved for the purpose of increasing the commitment and engagement of its employees in the pursuit of excellence and the generation of results. Its principles are: valuing people, managing careers and improving skills.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>At the end of 2018, the Company had 14,449 employees, 956 trainees and 485 apprentices. Of the total number of jobs, 158 job positions were held by people with disabilities, with 37% being physically disabled, 9% being hearing impaired and 14% being visually impaired.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The average length of time that the employees have been with the Company is 19.2 years. In 2018, the company had a 4.5% turnover rate, while overtime in relation to normal hours worked was equal to 11.5% and the absenteeism rate was 2.2%. With regard to maternity leave, of the 46 women who took advantage of this benefit, 57% returned to work.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>As a semi-public corporation, in order to </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>select and hire</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> its employees, trainees and apprentices SABESP holds a </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>competitive public examination</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>. In 2018, competitive public examinations were held for employees and trainees, with the examination for the hiring of employees registering a record </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>figure of almost 140 thousand people enrolled for around one thousand job positions, which made it possible to hire professionals who were well prepared and competitive.</FONT></P>

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<FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition to the competitive public examination, the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Internal Selection</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> process allows the company to take advantage of its existing human capital, providing motivation, recognition and professional prospects.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Another way of expanding the possibilities of mobility in the Company is the new </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Opportunities Bank</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, which is a dynamic communication channel that identifies and gathers information about those employees who are interested in transferring, in other words, changing their business unit and/or place of work, reconciling the interests of both parties. The system has enabled 94 transfers of employees between the various departments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Career management is carried out on an ongoing basis, and is guided by the Career, Wages and Employment Plan (PCSE), which establishes the development structure of the professionals in their respective categories and positions. This process enables employees to evolve and focus on their ongoing development in such a way as to meet the business challenges.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In conjunction with this, a </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Skills and Performance Assessment</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> is undertaken on an annual basis between the employees and the managers and, after determining the level of skills, an Individual Development Plan is drawn up, which allows the progression of the essential skills so that SABESP can meet the challenges it has assumed. The needs identified for the development of skills guide the actions of SABESP&#8217;s Corporate University (UES). SABESP also uses a </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Skills Compensation</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> model, to attract, retain and develop qualified and committed professionals, by offering career prospects and compensation that are compatible with the market. To this end, SABESP adopts a single salary policy which is linked to the PCSE, which seeks to maintain internal and external balance, and which is guided by salary surveys that are undertaken on an annual basis by specialized external consultants. In 2018, the 6th cycle of the Skills and Performance Assessment was carried out, which resulted in salary adjustments for 4,212 employees. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Benefits Policy</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> is a comprehensive one and is line with market practices. Among the benefits, the Company offers the option to participate in a Private Pension Plan, to supplement retirement income. There are two pension plans managed by Sabesprev: the G1 Benefits Plan and the Defined Contribution Plan - Sabesprev Mais. However, since 2010, employees have only been to opt for the Sabesprev Mais pension plan, as the G1 Plan was closed to new participants.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition to the direct benefits, by means of SABESP&#8217;s Corporate University, the Company offers educational subsidies and arrangements for courses at various levels of training and formal education in undergraduate degree programs, postgraduate degree programs, secondary technical education courses, language courses, professional development and distance learning. Subsidies are offered exclusively to employees while the educational arrangements are extended to family members of all ages.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In this context, we highlight the </FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Mais Conhecimento</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> (More Knowledge) Program</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, which is aimed at increasing the employees&#8217; education level and qualifications and promoting professional recognition. Under this Program the subsidies granted can go as high as 80% of the monthly tuition fees for high-school level technical courses, undergraduate courses, post-graduate courses, university extension courses and language courses. For professional certification exams, the subsidy is 100%.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2018, it is also worth mentioning the possibility of taking an </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>MBA </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>course</FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>in</FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> Environmental Sanitation</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, in partnership with the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Funda&#231;&#227;o Escola de Sociologia e Pol&#237;tica de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> (School of Sociology and Politics Foundation of S&#227;o Paulo). The course is designed to qualify and improve professionals who work in the sanitation sector and, among other items, includes an international module that is given by LSE Enterprise, which is the executive education and consulting arm of the London School of Economics and Political Science.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In total, 701 educational subsidies were granted in 2018, with an investment in raising the educational level of the order of R$ 3.4 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>By means of SABESP&#8217;s Corporate University, in the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>International Training Program</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, the Company also provides employees with opportunities to take part overseas in congresses, conferences, forums, seminars, trade shows and technical visits. In 2018, trips were organized to Portugal and Ecuador, in order to present technical papers and take part in lectures and technical visits related to the sanitation sector.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition to these programs, SABESP&#8217;s Corporate University also promotes the Administrators&#8217; Training Program, in compliance with Law 13.303/16, the Leadership Development and Management Succession Program and the New Employees Integration Program, among other actions.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Recognition Programs</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Always looking to innovate and to encourage the generation of ideas, in 2018 SABESP implemented the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP Entrepreneur Awards</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, which was the result of consolidating isolated recognition initiatives in different parts of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>More than 1,000 entries were registered in the program&#8217;s four categories: Project, Management Practice, Successful Technical Experience and Ideas. Out of this total, 12 projects received awards in the four categories, involving 28 employees.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Also launched in 2018, the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Endomarketing/Recognition Program</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> was created in order to reward and recognize professionals who strive to produce the best result for the Company and, as a result, contribute to the achievement of the organization&#8217;s goals. The program provides for the possibility of recognition for Personal Attitudes, Management Practices, Special Projects and Tributes.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Health, Safety and Well-being</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In order to promote the adoption of a healthier lifestyle among employees, SABESP maintains the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Quality of Life Program</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, by means of actions dedicated to well-being and balance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In connection with this, the first edition of the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP Open Games</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> was organized in 2018. Held in the city of Caraguatatuba and coordinated by the State of S&#227;o Paulo&#8217;s Industry Social Service (Sesi-SP), this initiative was designed to encourage the practice of sports and socio-cultural activities among the 560 athletes who took part in 17 sports disciplines.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition to the sporting events, the event promoted solidarity and voluntary work with the collection of hygiene products, bed sheets and milk, which were donated to Caraguatatuba&#8217;s Social Solidarity Fund.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>1It should also be pointed out that the Company values &#8203;&#8203;the health and safety of its employees, and thus seeks to promote the development of a culture of prevention among its employees and service providers, with the aim of ensuring improved working conditions and quality of life.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Relationship with labor organizations</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Historically, the Company has maintained a good relationship with the employees&#8217; representative entities (trade unions and associations), seeking to meet the employees&#8217; main demands, always observing the limits of its financial capacity and the legal and governmental guidelines. In its labor relations, SABESP prioritizes negotiation as a way of resolving conflicts, substantially reducing the occurrence of strike movements, which can compromise efficiency and operational results. Out of the total number of employees, around 70% are members of trade unions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In the Collective Bargaining for the period 2018/2019, the maintenance of benefits and a salary increase of 1.29% were guaranteed, without any stoppage of operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Company has adopted a </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Profit-Sharing Program</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, which is used on an annual basis to encourage employees&#8217; commitment to organizational objectives. The Program follows the general guidelines set forth by Federal Law no. 10.101/2000 and by State Decree no. 59.598/2013, and is the subject of annual negotiations with the Unions.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#1f4e79 face=calibri,sans-serif>Knowledge Retention Program</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In order to provide conditions for personnel planning and to mitigate the impact of losing employees who have strategic knowledge, which has been acquired over the course of their professional careers, in 2018 the Company created the Knowledge Retention Program. The program defines criteria and procedures for the granting of incentives for voluntary redundancy of employees, and for planned phasing of the process, allowing for the transmission of knowledge and preventing the activities of the various areas from suffering disruption.</FONT></P>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#1f4e79 face=calibri,sans-serif>AWARDS AND RECOGNITIONS</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#44546a face=calibri,sans-serif> </FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 32.2pt; TEXT-INDENT: -0.25in"><FONT style="FONT-VARIANT: small-caps" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>Member of the Board of Governors of the World Water Council &#8211; group of commercial organizations</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>, elected during the 8<SUP>th</SUP> meeting of the council&#8217;s general assembly, which was held in France.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 32.2pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>Anefac-Fipecafi-Serasa Transparency Trophy 2018 &#8211; Category of Publicly-Held Companies with Net Revenues in excess of R$ 5 billion, </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>granted by the National Association of Finance Executives, the Financial, Accounting and Actuarial Research Foundation and Serasa Experian, due to the classification of the company&#8217;s financial statements among the ten most transparent ones in Brazil.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 32.2pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>Datacenter Dynamics Global Awards &#8211; champion in the category &#8220;Datacenter Operations Team of the Year &#8211; Enterprise&#8221;, </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>awarded by DatacenterDynamics.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 32.2pt; TEXT-INDENT: -0.25in"><FONT style="FONT-VARIANT: small-caps" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>Finalist in the Global Water Awards, in the category &#8220;Water Company of the Year&#8221;, </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>given by Global Water Intelligence, for the company&#8217;s significant contribution to the international development of the water sector.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 32.2pt; TEXT-INDENT: -0.25in"><FONT style="FONT-VARIANT: small-caps" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 14pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>Valor 1000 Award, in the category &#8220;water and sanitation&#8221;, </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>granted by the newspaper Valor Econ&#244;mico.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 32.2pt; TEXT-INDENT: -0.25in"><FONT style="FONT-VARIANT: small-caps" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 14pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>Modern Consumer Award for Excellence in Customer Services 2018, in the &#8216;public services&#8217; category, </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>given by the Padr&#227;o Group to the Regional Systems Department&#8217;s Call Center.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 32.2pt; TEXT-INDENT: -0.25in"><FONT style="FONT-VARIANT: small-caps" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 14pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>Smart Customer, Services, Telecom &amp; Utilities Award 2018 &#8211; first place in the Social Responsibility category, </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>given by Smart Customer to the Metropolitan Department&#8217;s Telephone Assistance Division.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 32.2pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>National Award for Quality in Sanitation 2018, </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>given by the Brazilian Sanitary and Environmental Engineering Association to several of the Company&#8217;s units, most notably the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>Level IV award &#8211; Quiron Ruby Trophy</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif> to the Metropolitan Department.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 32.2pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>S&#227;o Paulo State Award for Management Quality 2018, </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>given by the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>Instituto Paulista de Qualidade da Gest&#227;o</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=#3333ff face=calibri,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>(S&#227;o Paulo State Management Quality Institute) to several of the Company&#8217;s units.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT style="FONT-VARIANT: small-caps" color=black><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" color=black face=Arial,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=black face=calibri,sans-serif>&#8220;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>Most successful best practices and experiences </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=black face=calibri,sans-serif>in Water and Sanitation in the Americas&#8221; Award, </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=black face=calibri,sans-serif>given</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=black face=calibri,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=black face=calibri,sans-serif>by the Inter-American Development Bank and partners, for the &#8220;Metropolitan Green Belt&#8221; Program.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT style="FONT-VARIANT: small-caps" color=black><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" color=black face=Arial,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>Renewal of the ISO 17.025 Accreditation, </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>conferred by the National Institute of Metrology, Quality and Technology, to the microbiology, inorganic, organic and treatment materials&#8217; laboratories.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT style="FONT-VARIANT: small-caps" color=black><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" color=black face=Arial,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>1<SUP>st</SUP> place in the 2018 New Sanitation Ranking of the Instituto Trata Brasil, </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=calibri,sans-serif>which recognized Franca as the best Brazilian municipality in sanitation for the sixth year in a row, among the 20 best cities. Other cities considered which are served by SABESP, included: S&#227;o Jos&#233; dos Campos (7<SUP>th</SUP> position), Taubat&#233; (8<SUP>th</SUP> position) and Santos (12<SUP>th</SUP> position</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=black face=calibri,sans-serif>).</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 4.05pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The complete list of awards and recognitions received in 2018 can be found at: </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#0563c1 face=calibri,sans-serif>http://site.sabesp.com.br/site/interna/Default.aspx?secaoId=20</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Statement of Financial Position as at December 31, 2018 and 2017</FONT></B></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais</FONT></B></FONT></P></DIV>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Assets</FONT></B></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Note</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Current assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Cash and cash equivalents</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>7</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,029,191</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,283,047</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Trade receivables</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>9 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,843,333</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,672,595</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Accounts receivable from related parties</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>10 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>174,148</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>180,773</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Inventories</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>65,596</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>85,671</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Restricted cash</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>8</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>31,900</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>18,822</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Recoverable taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>18 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>380,703</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>276,585</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Other receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>77,371</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>56,592</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total current assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5,602,242</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4,574,085</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Noncurrent assets </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Trade receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>9 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>209,083</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>215,910</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Accounts receivable from related parties</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>10 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>669,102</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>634,387</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Escrow deposits</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>152,018</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>122,686</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Water National Agency (ANA)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>11</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>49,136</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>70,487</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Other receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>103,310</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>113,123</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Investments</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>12</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>44,587</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>36,932</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Investment properties</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>13</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>47,620</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>57,652</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Contract asset</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>14</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>7,407,948</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>15</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>29,012,460</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>33,466,132</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>16</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>267,612</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>255,050</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total noncurrent assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>37,962,876</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>34,972,359</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>43,565,118</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>39,546,444</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>57</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif>&nbsp;</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Statement of Financial Position as at December 31, 2018 and 2017</FONT></B></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais</FONT></B></FONT><FONT face=georgia></FONT></P></DIV></DIV>

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

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Liabilities and equity</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Note</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Current liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="21%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Trade payables and contractors </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>465,993</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>344,947</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Current portion of long-term borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>17</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,103,612</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,746,755</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Accrued payroll and related taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>564,830</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>588,073</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Taxes and contributions </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>18 (b)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>200,563</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>183,965</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Interest on capital</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>24 (c)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>673,765</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>598,612</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Provisions</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>20 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>458,387</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>607,959</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Services payable</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>22</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>454,022</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>408,275</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Public-Private Partnership - PPP</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>15 (g)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>137,827</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>60,007</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Program Contract Commitments</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>15 (c) (iv)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>230,695</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>128,802</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>108,938</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>104,485</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total current liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5,398,632</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4,771,880</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Noncurrent liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>17</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>11,049,184</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>10,354,211</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Deferred income tax and social contribution</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>19</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>261,242</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>36,754</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Deferred Cofins and PASEP</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>140,830</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>130,182</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Provisions </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>20 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>434,475</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>470,245</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Pension obligations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>21 (b)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,970,009</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,932,338</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Public-Private Partnership - PPP</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>15 (g)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,275,297</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,011,409</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Program Contract Commitments</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>15 (c) (iv)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>142,314</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>110,698</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>341,447</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>215,718</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total noncurrent liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>18,614,798</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>17,261,555</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>24,013,430</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>22,033,435</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Equity</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Capital stock</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>15,000,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>10,000,000</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Earnings reserves</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5,100,783</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>8,051,110</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Other comprehensive loss</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(549,095)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(538,101)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total equity</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>24</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>19,551,688</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>17,513,009</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total equity and liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>43,565,118</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>39,546,444</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>58</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif>&nbsp;</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Income Statement for the </FONT></B></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017</FONT></B></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT></P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Note</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt 14.1pt; TEXT-INDENT: -14.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Net operating income</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=georgia>28 (b)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>16,085,094</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>14,608,233</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of services</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=georgia>29</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(9,086,456)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(8,778,963)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Gross profit</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>6,998,638</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>5,829,270</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>29</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(693,480)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(686,012)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for doubtful accounts</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>29</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(166,727)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(82,681)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>29</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(996,877)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(1,098,990)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt 14.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating income (expenses), net</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>31</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>28,591</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(5,679)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt 14.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Equity results of investments in affiliates</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>12</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>6,510</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>5,760</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Profit from operations before finance income (expenses)</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>5,176,655</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>3,961,668</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>30</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(807,967)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(688,280)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial revenues</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>30</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>446,302</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>326,244</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange result, net</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>30</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(902,671)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(96,018)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Financial result, net</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(1,264,336)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(458,054)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Profit before income tax and social contribution</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>3,912,319</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>3,503,614</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Income tax and social contribution</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>19 (d)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(852,655)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(882,787)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt 14.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>19 (d)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(224,596)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(101,517)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(1,077,251)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(984,304)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Profit for the year</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2,835,068</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2,519,310</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia>Earnings per share &#8211; basic and diluted (in reais)</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>25</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>4.15</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>3.69</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

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

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<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-5</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>9</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=georgia></FONT></FONT>&nbsp;</P></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Statements of Comprehensive Income for the</FONT></B></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017</FONT></B></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais</FONT></B></FONT></P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Note</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Profit for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2,835,068</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2,519,310</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;Other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(10,994)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>287,547</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 3pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items which will not be subsequently reclassified</FONT></P>

   <P style="MARGIN: 3pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to the income statement:</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 3pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 3pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actuarial gains and (losses) on defined benefit </FONT></P>

   <P style="MARGIN: 3pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; plans</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 3pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=georgia>21 (b)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 3pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=georgia>(10,994)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 3pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=georgia>287,547</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Total comprehensive income for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 6pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2,824,074</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 6pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2,806,857</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>60</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=georgia></FONT></FONT>&nbsp;</P></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Statements of Changes in Equity for the</FONT></B></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017</FONT></B></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT></P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>Earnings reserves</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>Note</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>Capital stock</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>Legal reserve</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>Investment reserve</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>Additional dividend proposed</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>Retained earnings</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>Other comprehensive loss</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>Total</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>Balances as of December 31, 2016</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>10,000,000</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>932,310</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>5,249,830</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>62,719</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(825,648)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>15,419,211</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>&nbsp;&nbsp; Net income for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>2,519,310</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>2,519,310</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>&nbsp;&nbsp; Actuarial gains (losses) </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>21 (b)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>287,547</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>287,547</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>&nbsp;&nbsp; Total comprehensive income for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>2,519,310</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>287,547</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>2,806,857</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>&nbsp;&nbsp; Legal reserve</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>24 (d)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>125,965</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(125,965)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>&nbsp; Interest on capital (R$ 0.87539 per share)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>24 (c)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(598,336)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(598,336)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>&nbsp;&nbsp; Additional dividends of 2016, approved (R$&nbsp;0.09176 per share)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(62,719)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(62,719)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>&nbsp;&nbsp; Additional proposed dividends</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>24 (c)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>105,543</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(105,543)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>&nbsp;&nbsp; Withholding income tax on interest on capital attributed as minimum mandatory dividends</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>24 (c)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(52,004)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(52,004)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>&nbsp;&nbsp; Transfers to investment reserve</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>1,689,466</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(1,689,466)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>Balances as of December 31, 2017</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>10,000,000</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>1,058,275</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>6,939,296</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>53,539</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(538,101)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>17,513,009</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>&nbsp;&nbsp; Net income for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>2,835,068</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>2,835,068</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>&nbsp;&nbsp; Actuarial gains (losses) </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>21 (b)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(10,994)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(10,994)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>&nbsp;&nbsp; Total comprehensive income for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>2,835,068</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(10,994)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>2,824,074</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>&nbsp;&nbsp; Legal reserve</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>24 (d)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>141,755</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(141,755)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>&nbsp;&nbsp; Capitalization of investment reserve</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>24 (a)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>5,000,000</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(5,000,000)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>&nbsp;&nbsp; Interest on capital (R$&nbsp;0.9851 per share)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>24 (c)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(673,328)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(673,328)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>&nbsp;&nbsp; Additional dividends of 2017, approved (R$&nbsp;0.07833 per share)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(53,539)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(53,539)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>&nbsp;&nbsp; Additional proposed dividends</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>24 (c)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>118,859</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(118,859)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>&nbsp;&nbsp; Withholding income tax on interest on capital attributed as minimum mandatory dividends</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>24 (c)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(58,528)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(58,528)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>&nbsp;&nbsp; Transfers to investment reserve</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>24 (f)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>1,901,126</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(1,901,126)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>Balances as of December 31, 2018</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>15,000,000</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>1,200,030</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>3,840,422</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>60,331</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>(549,095)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>19,551,688</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>61</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=georgia></FONT></FONT>&nbsp;</P></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Statements of Cash Flows for the</FONT></B></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017</FONT></B></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Cash flow from operating activities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Profit before income tax and social contribution</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,912,319</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,503,614</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Adjustments for:</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,392,541</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,301,897</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Residual value of property, plant and equipment, intangible assets and investment properties written-off</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>24,974</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>24,935</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Bad debt expense</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>165,433</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>82,681</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>&nbsp;&nbsp;&nbsp; Agreement signed with the municipality of Guarulhos</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(928,014)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>&nbsp;&nbsp;&nbsp; Provisions and inflation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>111,940</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>185,080</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Interest calculated on borrowings and financing payable</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>563,902</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>426,781</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Inflation adjustment and exchange gains (losses) on borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>982,072</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>159,087</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Interest and inflation adjustment on liabilities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>30,103</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>25,751</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Interest and inflation adjustment on assets</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(64,046)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(31,619)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Finance charges from customers</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(289,321)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(193,683)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt 0.05in; TEXT-INDENT: -0.05in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Margin of fair value on intangible assets arising from concession </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(63,013)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(70,335)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" noWrap>

   <P style="MARGIN: 0in 0in 1pt 8.5pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>&nbsp;&nbsp;&nbsp; Provision for Consent Decree (TAC) and Knowledge Retention Program (PRC)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>80,245</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>72,933</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>&nbsp;&nbsp;&nbsp; Share of profit of investees</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(6,510)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(5,760)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT style="FONT-SIZE: 8pt" face=georgia>&nbsp;&nbsp;&nbsp; Provision from S&#227;o Paulo agreement </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>135,735</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Pension obligations</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>243,569</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>304,500</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Other adjustments</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>33,349</FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>92,461</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>6,325,278</FONT></B></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5,878,323</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Changes in assets </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Trade receivables</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(71,679)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(42,194)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Accounts receivable from related parties</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>39,919 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>51,594</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Inventories</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>20,075 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(27,633)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Recoverable taxes</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(104,118)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(233,952)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Escrow deposits</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,639)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(32,200)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Other receivables</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>11,760</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>8,312</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Changes in liabilities </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Trade payables and contractors </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(176,826)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(180,353)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Services payable</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(89,988)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(51,779)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Accrued payroll and related taxes </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(103,488)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>56,841 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Taxes and contributions payable</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(4,829)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>15,983 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Deferred Cofins/PASEP</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>10,648</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(7,889)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Provisions</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(297,282)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(279,951)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Pension obligations</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(217,000)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(228,282)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>122,214</FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(16,741)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Cash generated from operations</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5,463,045</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>4,910,079</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Interest paid</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(732,048)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(676,087)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Income tax and social contribution paid</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(888,077)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(932,110)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Net cash generated from operating activities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,842,920</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,301,882</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Cash flows from investing activities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>&nbsp;&nbsp; Acquisition of contract asset and intangible assets</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(2,132,559)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,957,780)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>&nbsp;&nbsp; Restricted cash</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(13,078)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5,256</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>&nbsp;&nbsp; Investment increase</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,136)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>&nbsp;&nbsp; Purchase of property, plant and equipment</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(50,645)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(18,920)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>&nbsp;&nbsp; Amount received from the sale of property, plant and equipment</FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>8,131</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Net cash used in investing activities </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(2,189,287)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,971,444)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>62</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Statements of Cash Flows for the</FONT></B></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017</FONT></B></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (continued)</FONT></B></FONT></P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Cash flows from financing activities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Borrowings and financing </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from loans</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,634,553 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,007,572</FONT></P></TD></TR>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of loans</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,678,748)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,098,558)</FONT></P></TD></TR>

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   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp; Payment of interest on capital</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(653,393)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(765,933)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp; Public-Private Partnership - PPP</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(178,333)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(31,758)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp; Program Contract Commitments</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(31,568)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(44,935)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Net cash used in financing activities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(907,489)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(933,612)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Increase in cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>746,144</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>396,826</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Represented by:</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Cash and cash equivalents at the beginning of the year</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,283,047</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,886,221</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Cash and cash equivalents at the end of the year</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,029,191</FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,283,047</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Increase in cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>746,144</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>396,826</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 120%" color=windowtext face=arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 120%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>6<FONT style="FONT-SIZE: 11pt" face=Georgia>3</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Statements of Value Added for the </FONT></B></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017</FONT></B></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais</FONT></B></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<DIV align=left><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</DIV></DIV>

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<TR style="HEIGHT: 11.35pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Note</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Revenue</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Operating income</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>28 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>14,253,609</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>12,223,746</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Other income&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>104,183</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>91,848</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Construction of assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>26</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>2,802,670</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>3,150,877</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Allowance for doubtful accounts </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>9 (c)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>(166,727)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>(82,681)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>16,993,735</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>15,383,790</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Inputs purchased from third parties</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Operating and construction costs</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>(4,829,235)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>(4,614,842)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Materials, electricity, outsourced services and other</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>(964,892)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>(977,070)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Other operating expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>(64,518)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>(81,089)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>(5,858,645)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>(5,673,001)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Gross value added </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>11,135,090</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>9,710,789</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Retentions</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>29</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>(1,392,541)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>(1,301,897)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Wealth created by the Company</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>9,742,549</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>8,408,892</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Wealth received in transfer</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Share of profit of investees</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>12</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>6,510</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>5,760</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Financial income </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>482,230</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>342,946</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>488,740</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>348,706</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Total value added to distribute</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>10,231,289</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>8,757,598</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Value added distribution</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Personnel</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Salaries and wages</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,739,816</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,562,673</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Benefits</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>670,441</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>616,570</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Guarantee Fund for Length of Service (FGTS)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>22,799</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>220,591</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>2,433,056</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>2,399,834</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Taxes, fees and contributions</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Federal</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>2,475,774</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>2,187,016</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;State</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>142,245</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>98,951</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Municipal</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>48,809</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>42,716</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>2,666,828</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>2,328,683</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Lenders and lessors</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Interest, exchange and inflation adjustments</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>2,212,992</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,433,688</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Rentals</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>83,345</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>76,083</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>2,296,337</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,509,771</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Shareholders</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Interest on equity</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>24 (c)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>673,328</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>598,336</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Retained earnings</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>2,161,740</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,920,974</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>2,835,068</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>2,519,310</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Value added distributed</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>10,231,289</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>8,757,598</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>6<FONT style="FONT-SIZE: 11pt" face=Georgia>4</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo ("SABESP" or the "Company") is a mixed-capital company headquartered in S&#227;o Paulo, at Rua Costa Carvalho, 300, CEP 05429-900, controlled by the S&#227;o Paulo State Government. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company is engaged in the provision of basic and environmental sanitation services in the State of S&#227;o Paulo, as well as it supplies treated water and sewage services on a wholesale basis.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In addition to providing basic sanitation services in the State of S&#227;o Paulo, SABESP may performs these activities in other states and countries, and can operate in drainage, urban cleaning, solid waste handling and energy markets. SABESP aims to be a world reference in the provision of sanitation services, in a sustainable, competitive and innovative manner, with a focus on customers. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018, the Company operated water and sewage services in 369 municipalities of the S&#227;o Paulo State. Most of these municipalities operations are based on 30-year concession, program and services contracts. The Company has two partial contracts with the municipality of Mogi das Cruzes, however, since most of the municipality is serviced by wholesale, it was not included in the 369 municipalities. The municipalities of Guarulhos and Agua&#237; signed contracts on December 2018, however their operations will begin only in 2019 (January and June, respectively). As of December 31, 2018, the Company had 373 contracts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>SABESP is not temporarily operating in the municipalities of Macatuba and Cajobi due to judicial orders. The lawsuits are in progress and the carrying amount of these municipalities&#8217; intangible assets was R$ 4,345 as of December 31, 2018 (R$ 4,345 as of December 31, 2017). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018, 35 concession agreements (51 as of December 31, 2017) had expired and are being negotiated. From 2019 to 2030, 31 concession agreements will expire. Management believes that concession agreements expired and not yet renewed will result in new contracts, disregarding the risk of discontinuity in the provision of municipal water supply and sewage services. By December 31, 2018, 307 program and services contracts were signed (287 contracts as of December 31, 2017).</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018, the carrying amount of the underlying assets used in the 35 concessions of the municipalities under negotiation totaled R$ 4,485,203, accounting for 12.32% of the total intangible assets, and the related gross revenue for the year ended December 31, 2018 totaled R$ 1,035,906, accounting for 6.07% of total revenue.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company&#8217;s operations are concentrated in the municipality of S&#227;o Paulo, which represents 51.52% of the gross revenues as of December 31, 2018 (55.38% as of December 31, 2017) and 46.97% of intangible assets (46.92% as of December 31, 2017).</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>On June 23, 2010, the State of S&#227;o Paulo, the municipality of S&#227;o Paulo, the Company and the regulatory agency Sanitation and Energy Regulatory Agency (ARSESP) signed an agreement to share the responsibility for water supply and sewage services to the Municipality of S&#227;o Paulo based on a 30-year concession agreement. This agreement is extendable for another 30 years, pursuant to the law. This agreement sets forth SABESP as the exclusive service provider and designates ARSESP as regulator, establishing prices, controlling and monitoring services. On the same date, the State of S&#227;o Paulo, the Municipality of S&#227;o Paulo and SABESP signed the &#8220;Public service provision agreement of water supply and sewage services&#8221;, a 30-year concession agreement which is extendable for another 30 years. This agreement involves the following activities:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>i. protection of the sources of water in collaboration with other agencies of the State and the City;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>ii. capture, transport and treatment of water;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>iii. collect, transport, treatment and final dispose of sanitary sewage; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>iv. adoption of other actions of basic and environmental sanitation.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company operates under an authorization by public deed in some municipalities in the Santos coast region and in the Ribeira Valley, where the Company started to operate after the merger of the companies that formed it. In September 2015, the Company entered into a water supply and sewage public utility services agreement with the municipality of Santos; the gross revenue calculated in the year ended December 31, 2018 totaled <BR>R$ 326,276 (R$ 294,658 in the year ended December 31, 2017) and the intangible asset was <BR>R$ 307,566 as of December 31, 2018 (R$ 310,577 as of December 31, 2017). </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Public deeds are valid and governed by the Brazilian Civil Code. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company's shares have been listed in the Novo Mercado segment of B3 under the ticker symbol SBSP3 since April 2002 and on the New York Stock Exchange (NYSE) as American Depositary Receipts (&#8220;ADRs&#8221;) Level III, under the SBS code, since May 2002.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Since 2008, the Company has been setting up partnerships with other companies, which resulted in the following companies: Sesamm, &#193;guas de Andradina, Saneaqua Mairinque, Aquapolo Ambiental, &#193;guas de Castilho, Attend Ambiental and Paulista Geradora de Energia. Although SABESP has no majority interest in the capital stock of these companies, the shareholders&#8217; agreements provide for the power of veto and casting vote in certain issues jointly with associates, indicating the shared control in the management of investees.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of March 2018, the Jaguari-Atibainha interconnection was inaugurated; this interconnection allow the transfer of an average annual outflow of 5.13 cubic meters per second (m&#179;/s) and a maximum outflow of 8.5 m&#179;/s from the Para&#237;ba do Sul Basin to the Cantareira System. Inaugurated in April 2018, the S&#227;o Louren&#231;o Production System expand water production and capacity by 6.4 m&#179;/s. With the conclusion of this system the Company has nine large production systems available to supply the S&#227;o Paulo Metropolitan Region. These two important works aim at expand water security in the S&#227;o Paulo Metropolitan Region.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Management expects that with improved water security, due to the works carried out, the generation of operating cash and the credit lines available for investment, the Company will have sufficient funds to meet its commitments and not compromise its necessary investments.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>The financial statements were approved by the Board of Directors on March 28, 2019.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=georgia>2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis of preparation and presentation of the financial statements</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The financial statements of the Company have been prepared pursuant to the International Financial Reporting Standards - IFRS, issued by the International Accounting Standards Board - IASB and pursuant to the accounting practices adopted in Brazil which observe the pronouncements issued by the Brazilian Accounting Pronouncements Committee - CPC.&nbsp; All material information related to the financial statements, and this information alone, is being disclosed and corresponds to the information used by the Company&#8217;s Management in its administration</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The financial statements have been prepared under the historical cost except for certain financial instruments measured at fair value when required by the standards</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The preparation of financial statements in conformity with IFRS and CPCs requires the use of certain critical accounting estimates.&nbsp; It also requires Management to exercise its judgment in the process of applying the Company's accounting policies.&nbsp; The areas involving a higher degree to judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are described in Note</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> 6. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summary of Significant Accounting Policies</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The main accounting policies applied in the preparation of these financial statements are defined below.&nbsp; These policies have been applied consistently in all years presented</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>, except for the adoption of the new accounting pronouncements, as described below.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.1&nbsp; Cash and cash equivalents</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Cash and cash equivalents include cash in hand, bank deposits, overdraft accounts and other short-term highly liquid investments with original maturities less than three months as of the investment date, with an insignificant risk of changing value</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.2&nbsp; Financial assets and liabilities</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Financial Asset - Classification</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2017, the Company classified its financial assets according to the following categories: measured at fair value through profit or loss, borrowings and receivables, held to maturity and available for sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of the financial assets at inception. As of December 31, 2017, the Company did not have financial assets classified as fair value through profit or loss, held to maturity and available for sale.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Borrowings and receivables</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>These comprise receivables, which are non-derivative financial assets with fixed or determinable payments, not quoted in an active market.&nbsp; Borrowings and receivables are presented in current assets, except for those with maturity of more than 12 months after the reporting date (these are classified as noncurrent assets).&nbsp; The Company's borrowings and receivables include cash and cash equivalents, restrict cash, balances of trade receivables, accounts receivable from related parties, other receivables, receivables from the Water National Agency - ANA.&nbsp; Borrowings and receivables are recorded at fair value and subsequently at amortized cost, under the effective interest rate method</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Starting January 1, 2018, the Company adopted CPC 48/IFRS 9 &#8211; Financial Instruments, which establishes principles for the report of financial assets and financial liabilities involving the three accounting aspects: classification and measurement, impairment loss and hedge accounting.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018, the Company classified its financial assets according to the following categories: measured at amortized cost, measured at fair value through other comprehensive income and measured at fair value through profit or loss. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of the financial assets at inception. As of December 31, 2018, the Company did not have financial assets classified as fair value through other comprehensive income and fair value through profit or loss.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Amortized cost</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>This comprises financial assets that meet the following conditions: (i) it is held within the business model whose objective is to hold financial assets to collect contractual cash flows; and (ii) the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Presented as current assets, except for those with maturity of more than 12 months after the reporting date (these are classified as noncurrent assets). The Company's financial assets measured at amortized cost include cash and cash equivalents, restricted cash, balances of trade receivables, accounts receivable from related parties, other receivables, receivables from the Water National Agency - ANA. Financial assets measured at amortized cost are recorded at fair value and subsequently at amortized cost, under the effective interest rate method.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Financial Liabilities - Classification</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2017, the Company classified its financial liabilities into the following categories: measured at fair value through profit or loss and other liabilities. The classification depends on the purpose to which the financial liabilities were assumed. As of December 31, 2017, the Company did not have liabilities classified as fair value through profit or loss.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Other liabilities</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>This category comprises balances payable to contractors and suppliers, borrowings and financing, services payable, balances payable from Public-Private Partnership (PPP), and program contract commitments</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The effective interest rate method was adopted to calculate the amortized cost of a financial liability and allocate its interest expense under the respective period.&nbsp; The effective interest rate exactly deducts the estimated future cash flows (including fees, transaction costs and other issue costs) throughout the financial liability&#8217;s estimated life or, when appropriate, during a shorter period, for initial recognition of the net carrying amount</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018, with the adoption of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>CPC 48/IFRS 9 &#8211; Financial Instruments, the Company classifies its financial liabilities as measured at amortized cost</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>. The classification depends on the purpose to which the financial liabilities were assumed. This category comprises balances payable to contractors and suppliers, borrowings and financing, services payable, balances payable from Public-Private Partnerships (PPP) and program contract commitments.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The effective interest rate method is adopted to calculate the amortized cost of a financial liability and allocate its interest expense under the respective period. The effective interest rate exactly deducts the estimated future cash flows (including fees, transaction costs and other issue costs) throughout the financial liability&#8217;s estimated life or, when appropriate, during a shorter period, for initial recognition of the net carrying amount.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Impairment</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>IFRS 9 &#8211; Financial Instruments introduces a new impairment model, replacing the incurred loss model for the expected credit loss model, which requires the recording of provision upon initial recognition of asset exposed to credit risk. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Trade receivables</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Due to the characteristics of the Company&#8217;s accounts receivable, namely: (i) insignificant financial component, (ii) non-complex receivables portfolio, and (iii) low credit risk, the Company adopted the simplified approach of expected credit loss, which consists in recognizing expected credit loss based on the asset&#8217;s useful life.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2017, the methodology to calculate the allowance for doubtful accounts was carried out based on historical loss. The methodology used consisted of using an estimate per maturity range through the average weighted loss of the last 12 months. The Company also concluded that the macroeconomic indicators did not have a significant impact on its estimates. In order to support this understanding, the Company carried out several analyses of the correlation between indicators that could influence the sanitation sector and its history of losses on doubtful accounts, such as Gross Domestic Product (GDP), Unemployment Rate and the Extended Consumer Price Index (IPCA).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>After analyses, Management concluded that the methodology adopted by the Company complies with the expected credit loss model and, for this reason, the first-time adoption of CPC 48/IFRS 9 as from January 1, 2018, did not have significant impacts on the measurement of allowance for doubtful accounts.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Deposit transactions and financial investments measured at amortized cost</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company analyzes changes in the rates of investments in bank deposits certificates and information obtained from regulatory agencies about the financial institutions. The likelihood of delinquency over 12 months and during the terms of these investments was based on historical data provided by credit rating agencies for each credit level and analyzed in terms of sensitivity based on current returns.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>These deposits and financial investments are subject to an insignificant risk of change in value.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.3&nbsp; Operating income</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from sanitation services</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Revenue from water supply and sanitation services are recognized as the water is consumed and services are provided. Revenues, including revenues unbilled, are recognized at the fair value of the consideration received or receivable for the sale of those services. Revenue is shown net of value-added tax, rebates and discounts. Unbilled revenues represent incurred revenues in which the services were provided, but not yet billed until the end of each period and are recorded as trade receivables based on monthly estimates of the completed services. Concerning revenues of wholesale municipal governments (wholesale sale), which do not pay the full invoice, the Company records allowance for doubtful accounts upon invoicing in revenue reduction account.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2017, the Company recognized revenue when: i) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>products were delivered or the services were rendered; ii) the amount of revenue could be reliably measured, iii) it was probable that future economic benefits would flow to the Company, and iv) it was probable that the amounts would be collected.&nbsp; The amount of revenue <FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>was not considered to be reliably measurable until all conditions relating to the sale had been satisfied.&nbsp; Amounts in dispute were recognized as revenue when collected</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></FONT>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018, with the adoption of CPC 47/IFRS 15 &#8211; Revenue from Contracts with Customers, which establishes a five-step model applicable over revenue from a contract with a customer, the Company started to recognized revenue when: i) it identifies contracts with customers; ii) it identifies the different contract obligations; iii) it determines the transaction price; iv) it allocates the transaction price to the performance obligations in the contracts; and (v) it satifies all performance obligations. Amounts in dispute are recognized as revenue when collected.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company analyzed sales transactions to the private sector, government entities and wholesale customers and concluded that CPC 47/IFRS 15 did not have significant impacts.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company adopted CPC 47/IFRS 15 using the cumulative effect method, with application and recognition as from first-time adoption, i.e. January 1, 2018. Consequently, the Company did not apply the requirements of CPC 47/IFRS 15 for comparison purposes. Accordingly, data relating to 2017 is presented based on information previously reported and prepared in accordance with CPC 30/IAS 18 &#8211; Revenue and Related Interpretations.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction revenue</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2017, revenue from construction was recognized in accordance with ICPC 01 (R1)/IFRIC 12 (Concession Arrangements) and CPC 17 (R1)/IAS 11 (Construction Contracts), using the percentage-of-completion method, provided that the applicable conditions for application were fulfilled. The percentage of completion was calculated from the ratio of the actual costs incurred on the balance sheet date to the planned total costs (cost-to-cost method). Revenue from cost plus contracts was recognized by reference to the construction costs incurred during the period plus a fee earned. The fee represents the additional margin related to the work performed by the Company in relation to such construction contracts and it is added construction costs, resulting in the construction revenue.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018, revenue from concession construction contracts is recognized according to ICPC 01 (R1)/IFRIC 12 (Concession Agreements) and CPC 47/IFRS 15 (Revenue from Contracts with Customers), as all performance obligations are satisfied over time. During the construction of the contract, an asset is classified as contract asset, as the Company estimates that the fair value of its consideration is equivalent to expected construction costs plus margin (the effects from the first-time adoption of CPC 47/IFRS 15 are presented according to Note 4.1). The fee represents the additional margin related to the work performed by the Company in relation to such construction contracts and it is added to construction costs, resulting in the construction revenue.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.4&nbsp; Trade receivables and allowance for doubtful accounts</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Trade receivables are amounts due from customers for services performed in the ordinary course of business. These are classified as current assets, except when maturity exceeds 12 months after the end of the reporting period. In these cases, they are presented as noncurrent assets.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>establishes an</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> allowance for doubtful accounts for receivable balances at an amount that Management considers to be sufficient to cover eventual losses. The analysis is carried out based on objective &#8220;accounts receivable&#8221; data, past receipts, existing guarantees and, as from January 1, 2018, with the adoption of CPC 47/IFRS 9, it considers expected future losses. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.5&nbsp; Inventories</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Inventories of supplies for consumption and maintenance of the water and sewage systems are stated at the lower of average cost of acquisition or net realizable value and are classified in current assets</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.6&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Investment properties</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The investment properties are recorded at the acquisition or construction cost, less accumulated depreciation, except for the land group, calculated by the straight-line method at rates that consider the estimated useful life of assets.&nbsp; Expenditures related to repairs and maintenance are recorded in the income statement when incurred</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=windowtext face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company also maintains few assets for undetermined use in the future, i.e., it is not defined if the Company will use these assets in the operation or sell them in the short term during the ordinary course of business</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.7&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Property, plant and equipment</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Property, plant and equipment comprise mainly administrative facilities not composing the assets, subject-matter of the concession agreements.&nbsp; Those assets are stated at historical acquisition or construction cost less depreciation, net of impairment charge, when necessary.&nbsp; Interest, other finance charges and inflationary effects deriving from financing effectively applied to construction in progress are recorded as cost of respective property, plant and equipment for the qualifying assets, as applicable. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Qualifying assets are assets that, necessarily, take a substantial period to get ready for its intended use or sale. The Company considers that substantial period means a period greater than 12 months. This period was established by considering the completion period of the majority of its constructions, which is greater than 12 months, which corresponds to one fiscal year of SABESP.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Subsequent costs included in the existing asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that the future economic benefit associated with the item will flow to the Company and the cost of the item can be measured reliably.&nbsp; Repairs and maintenance are charged to the income statement during the financial period in which they were incurred</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Depreciation is calculated using the straight-line method to allocate their cost and is described in Note 16 (c).&nbsp; Land is not depreciated</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Residual values and the useful life of assets are revised and adjusted, where applicable, at the end of each year. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Gain and losses on disposals are determined by the difference between the proceeds with the carrying amount and are recognized within other operating income (expenses) in the income statement</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.8&nbsp; Intangible assets</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Intangibles are stated at acquisition and/or construction of the underlying assets, including construction margin, interest and other finance charges capitalized during the construction period, in this case, for the qualifying assets.&nbsp; Qualifying assets are assets that, necessarily, take a substantial period to get ready for its intended use or sale.&nbsp; The Company considers that substantial period means a period greater than 12 months.&nbsp; This period was established by considering the completion period of the majority of its constructions, which is greater than 12 months, which corresponds to one fiscal year of SABESP</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The intangible has its amortization initiated when the intangible assets are available for use in location and the necessary condition when this asset becomes operational.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia><BR>&nbsp;The amortization of intangible assets reflects the period over the expected future economic benefits generated by the intangible asset are consumed by the Company and can be the period of the contract or the useful life of the asset.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The amortization of the intangible assets is discontinued when the asset is totally consumed or it is disposed of, whatever occurs first</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Donations in assets received from third parties and governmental entities to allow the Company to render water and sewage services are not recorded in the Company&#8217;s financial statements, since these assets are controlled by the concession grantor.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Financial resources received as donations for the construction of infrastructure are recorded under &#8220;Other operating income</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>&#8221;.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Concession arrangements/program</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company operates concession agreements including the rendering of basic sanitation, environmental, water supply and sewage services signed with the concession grantor.&nbsp; The infrastructure used by SABESP subject to service concession arrangements is considered to be controlled by the concession grantor when</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The grantor controls or regulates what services the operator must provide with the infrastructure, to whom it must provide them, and at what price; and</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The grantor controls the infrastructure, i.e., retains the right to take back the infrastructure at the end of the concession</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>SABESP's rights over infrastructure operated under concession arrangements is accounted for as an intangible asset as SABESP has the right to charge for use of the infrastructure assets, and users (consumers) have the primary responsibility to pay SABESP for the services</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The fair value of construction and other work on the infrastructure is recognized as revenue, as its fair value, when the infrastructure is built, provided that this work is expected to generate future economic benefits.&nbsp; The accounting policy to recognize construction revenue is described in Note 3.3 (b).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia><BR>Intangible assets related to Concession Agreements and Program Contracts, when there is no right to receive the residual value of the assets at the end of the contract, are amortized on a straight-line basis over the period of the contract, or the useful life of the underlying asset, whichever occurs first</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Investments made and not recovered through rendering of services, in cases where there is the right to receive the asset&#8217;s residual value at the end of the contract, must be indemnified by the concession grantor, (1) with cash or cash equivalents or also, in general (2) with the contract extension.&nbsp; These investments are amortized by the useful life of asset</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The details referring to amortization of intangible arising from concession </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>arrangements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia> /program contracts are described in Note 15 (c).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Law 11,445/07 indicates, whenever possible, that basic sanitation public utilities will have the economic and financial sustainability ensured through the remuneration due to service collection, preferably as tariffs and other public prices, which may be established for each service or both jointly. &nbsp;Therefore, investments made and not recovered through services rendered, within original term of the contract, are recorded as intangible assets and amortized by the useful life of the asset, taking into consideration a solid track record of concession renewal and, therefore, the continuity of services</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;Software licenses</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Software licensing is capitalized based on the acquisition costs and other implementation costs.&nbsp; Amortizations are recorded according to the useful lives and the expenses associated with maintaining these are recognized as expenses when incurred</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.9&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Impairment of non-financial assets</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Property, plant and equipment, intangibles and other noncurrent assets with definite useful lives, are yearly reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.&nbsp; The Company does not record assets with indefinite useful life and assessed that there are no indications of impairment losses, mainly supported by Law 11,445/07, which ensures that basic sanitation public utilities will have assured its economic and financial sustainability through tariffs or via indemnity</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.10&nbsp; Trade accounts payable and</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia> contractors</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: 110%" color=black face=georgia>Accounts payable to contractors and suppliers are obligations to pay for goods or services purchased from suppliers in the ordinary course of business and are classified as current liabilities if the payment is due in the period up to one year. Otherwise, the accounts payable are presented as noncurrent liabilities and are initially measured at fair value, which generally correspond to the bill and subsequently at amortized cost</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.11&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Borrowings and financing</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Borrowings and financing are initially recognized at fair value, upon receipt of funds, net of transaction costs.&nbsp; Subsequently, borrowings and financing are stated at amortized cost, as presented in Note 17. Borrowings and financing are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Nonconvertible bonds issued by the Company are recognized in a similar manner to borrowings</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.12&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Borrowing costs</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Borrowing costs attributable to acquisition, construction or production of an asset, which, necessarily, requires a substantial time period to be ready for use or sale are capitalized as part of the cost of these assets.&nbsp; Other borrowing costs are recognized as expenses in the period they are incurred.&nbsp; Borrowing costs are interest rates and other charges incurred by the Company related to borrowings, including exchange variation, as described below.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The capitalization occurs during the period in which the asset has been built, considering the weighted average rate of borrowings effective on the capitalization date.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>For foreign currency-denominated borrowings or financing, the Company analyzes them as if they were contracted in local currency, restricting the capitalization of interest and/or exchange variation by the amount that would be capitalized if these were contracted in the domestic market in similar lines of credit and loans</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.13&nbsp; Payroll, related charges and contributions</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Salaries, vacations and the 13<SUP>th</SUP> salary and additional payments negotiated in collective labor agreements plus related charges and contributions are recorded on the accrual basis</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.14&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Profit sharing</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The profit-sharing plan for its employees is based on operational and financial targets of the Company as a whole.&nbsp; The Company recognizes a provision when it is contractually required or when there is a practice in the past that created a constructive obligation.&nbsp; The accrual for profit sharing is recorded on the accrual basis period as operating cost</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>, selling and administrative expenses. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.15&nbsp; Provisions</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>, legal liabilities, escrow deposits and contingent assets</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Provisions related to claims are recognized when: i) the Company has a present (legal or constructive) obligation as a result of past event; ii) it is probable that an outflow of resources that comprise economic benefits will be required to settle the obligation; and iii) the amount can be reliably estimated.&nbsp; Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Provisions are measured at the present value of the disbursements expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as interest expense.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>For financial statement presentation purposes, the provision is stated net of the related escrow deposits based on the legal right to offset. The bases and the nature of the provisions for civil, tax, labor and environmental risks are described in Note </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>20.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Escrow deposits not linked to related liabilities are recorded in noncurrent assets.&nbsp; Escrow deposits are adjusted for inflation.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company does not recognize contingent liabilities in the financial statements since either it does not expect outflows to be required or the amount of the obligation cannot be reliably measured.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Contingent assets are not recognized in the statements of financial position</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.16&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Environmental costs</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Costs related to ongoing environmental programs are expensed in the income statement, when there is any indication of an event. Ongoing programs are designed to minimize the environmental impact of the operations and to manage the environmental risks inherent to the Company's activities</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.17&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Income taxes &#8211; current and deferred</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Income taxes expenses comprise current and deferred income tax and social contributions</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Current tax</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The provision for income tax and social contribution is based on the taxable income for the year. The income tax was accrued at rate 15%, plus 10% surtax on taxable income exceeding R$ 240. The social contribution was accrued at rate 9% over adjusted net income. Taxable income differs from net income (profit presented in the income statement), because it excludes income and expenses taxable or deductible in other years and excludes items not permanently taxable or not deductible. Income tax and social contribution are accrued based on legislation in place in the end of the year. Management periodically evaluates and measures the positions taken in the income tax return with respect to situations in which applicable tax regulations are subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Deferred tax</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction that at the time of the transaction affects neither accounting nor taxable profit nor loss, except for business combinations.&nbsp; Deferred income tax is determined using tax rates (and laws) effective at the end of the reporting period and expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Deferred income tax and social contribution assets are recognized only to the extent that it is probable that future taxable profit will be available for which temporary differences can be utilized and tax losses can be carryforward.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Deferred taxes assets and liabilities are offset when there is a legally enforceable right of offsetting current tax assets against current tax liabilities and when deferred income tax assets and liabilities are related to income taxes levied by same tax authority over the tax entity</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.18&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Taxes on revenues</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Revenues from sanitation services are recognized on accrual basis for PASEP and Cofins, calculated at the rates of 1.65% and 7.60%, respectively.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In addition, revenues from sanitation services is also subject to the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Regulatory, Control and Inspection Fee</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> (TRCF), whose taxable event is the performance of regulation, control and monitoring activities by ARSESP, calculated at 0.50% of the annual revenue directly generated by the service provided less taxes levied on the service.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The taxes related to PASEP and Cofins incident on amounts invoiced to public entities are due when invoices are received</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As these taxes are calculated by the non-cumulativeness regime and presented net, as deductions from gross revenues. Debts calculated over &#8220;other operating income&#8221; are presented as deductions from the respective operating income</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.19&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Pension obligations</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Defined benefit</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company makes contributions to defined benefit plans on a contractual basis and sponsored thereby, managed by Funda&#231;&#227;o Sabesp de Seguridade Social (&#8220;Sabesprev&#8221;), a supplementary private pension closely-held entity.&nbsp; The regular contributions comprise the net administrative expenses and are recognized in the income statement for the period.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Liabilities from defined benefit pension plan obligations correspond to the present value of the defined benefit obligation at the end of the reporting period, less the fair value of the plan&#8217;s assets.&nbsp; The defined benefit obligation (G1) and (G0) are calculated on an annual basis by independent actuaries, using the projected unit credit method.&nbsp; The estimated future cash outflows is discounted to its present value, using the interest rates of Government bonds with maturities that approximate the maturity of the related liability</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Referring to actuarial gains and losses deriving from adjustments based on the experience and changes in actuarial assumptions are directly recorded under equity, as other comprehensive income (OCI), so that the plan's net assets or liabilities are recognized in the statement of financial position in order to reflect the full amount of plan&#8217;s deficit or surplus. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The expenses related to pension plan are recognized in profit and loss of the year as operating cost, selling expenses or administrative expenses, according to employee&#8217;s allocation. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In an event where a curtailment relates to only some of the employees covered by a plan, or where only part of an obligation is settled, the gain or loss includes a proportionate share of the past service cost and actuarial gains and <FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>losses.&nbsp; The proportionate share is determined on the basis of the present value of the obligations before and after the curtailment or settlement</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(b) &nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Defined contribution</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company makes contributions to defined contribution plans (Sabesprev Mais) on a contractual basis and sponsored thereby, managed by Sabesprev, a supplementary private pension closely-held entity that provides post-employment benefits to its employees. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>A defined contribution plan is a pension plan according to which the Company makes fixed contributions to a separate entity.&nbsp; The Company has no obligation of making contributions if the fund has no sufficient funds to pay to all employees the benefits related to employee&#8217;s services in current and previous period</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.20&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Financial revenues and expenses</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Financial revenue is primarily comprised of interest, inflation adjustments and exchange rate changes resulting from financial investments, escrow deposits and negotiations with customer to pay by installments, using the effective interest rate method.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Financial expenses are primarily comprised of interest, inflation adjustments and exchange rate changes on borrowings and financing, provisions, public-private partnership and program contract commitments. These financial income and expenses are calculated using the effective interest rate method</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Inflation adjustments and exchange gains and losses derive from the collection or payment to third parties, as contractually required by law or court decision, and recognized on an accrual basis </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>pro rata temporis</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>. Inflation adjustments included in the agreements are not considered embedded derivatives, since they are deemed as inflation adjustment rates for the Company&#8217;s economic scenario</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.21&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Leases</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Lease agreements are classified as finance lease when property, risks and rewards inherent to the ownership of asset to the lessee are transferred. Other leases are classified as operational lease, recognized as expenses in the income statement on a straight-line basis during the lease term. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Finance lease agreements are measured based on the lower amount between the present value of minimum mandatory payments of the agreement or the fair value of asset on the start date the lease agreement.&nbsp; The amounts payable deriving from considerations of finance lease agreements are impacted by financial expenses and amortization of finance lease payables so that to obtain a constant interest rate.&nbsp; The corresponding lessor&#8217;s liability is recorded as current and noncurrent debt</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.22&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Other current and noncurrent assets and liabilities</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Other assets are stated at cost of acquisition, net of any impairment loss, where applicable.&nbsp; The amounts recognized as other liabilities are stated at known or estimated amounts, including, where applicable, related charges and inflation adjustments</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.23&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Dividends and interest on capital</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company uses the tax benefits of distributing dividends as interest on capital, as permitted by Brazilian Law.&nbsp; This distribution of dividend is accounted for in accordance with Brazilian Law 9,249/95 for tax deductibility purposes, limited to the daily pro rata fluctuation of the Long-term Interest Rate (TJLP).&nbsp; The benefit attributed to the shareholders is recognized in the current liability against Equity, based on its by-laws. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Dividends and interest on capital over the minimum established in the by-laws are recognized when approved by the shareholders in the shareholders&#8217; meeting, except for taxes incurring in the distribution of interest on capital. The tax benefit of the interest on capital are accrued in the income statement of the year, under the same recognition basis of expenses with interest on capital.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.24&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Present value adjustment</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Current and noncurrent financial assets and liabilities are adjusted to present value based on discount rate at current market rate as of the transaction date, when the effects are relevant</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.25&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Statements of value added </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(&#8220;DVA&#8221;)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The purpose of the statement of value added is to present the wealth generated and distributed by the Company as required by the accounting practices adopted in Brazil and reported as supplementary information to the financial statements for the purposes of IFRS.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The DVA was prepared based on information obtained in the accounting books, which is the base to prepare the financial statements. In its first part is presented the wealth generated by the Company representing revenues (operating, other revenues, construction of assets and allowance for doubtful accounts), by products acquired from third party (operating and construction costs, materials, electricity, outside services, other operating expenses and others) retentions (depreciation and amortization), and the wealth received in transfer, represented by the equity share of investment in investee, financial income and GESP reimbursement - benefits paid.&nbsp; The second part of the DVA present the distribution of the wealth segregated in employees, taxes, fees and contributions, lenders and lessors and shareholders</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.26&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Segment information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Operating segments are determined in a manner consistent with the internal reporting to the Company&#8217;s chief operating decision maker (&#8220;CODM&#8221;), which, in the case of SABESP, is the Board of Executive Officers, to make strategic decisions, allocate resources and evaluate performance.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>8<FONT style="FONT-SIZE: 11pt" face=Georgia>0</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Consequently, the Company determined that it has one operating segment (sanitation services).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The accounting policies used to determine segment information are the same as those used to prepare the Company&#8217;s financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The measure of the segment&#8217;s profit or loss is operating income before other operating expenses, net and equity accounting, which excludes construction revenue and related costs.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The CODM analyzes asset and liabilitity information on a consolidated basis. Consequently, the Company does not disclose segment information on assets and liabilities.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Substantially all of the Company&#8217;s noncurrent assets and revenue generated from customers are located in S&#227;o Paulo State. Consequently, financial information is not disclosed by geographic area.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.27&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Translation into foreign currency</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Functional and reporting currency</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Items included in the financial statements are measured using the currency of the primary economic environment in which the company operates ("the functional currency"). The financial statements are presented in Brazilian reais (R$), which is also the Company's functional currency. All financial information has been stated in reais and rounded to the next thousand, except where otherwise indicated</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Foreign currency translation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Foreign currency-denominated transactions are translated into Brazilian reais using the exchange rates prevailing at the transaction dates. Statement of financial position accounts are translated by the exchange rate prevailing at reporting date.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Exchange gains and losses resulting from the settlement of these transactions and the translation of foreign currency-denominated cash assets and liabilities are recognized in the income statement, except for borrowings and financing referring to property, plant and equipment or intangible assets in progress, where exchange losses are recognized as corresponding entry to the asset while construction is in progress, as described in Note </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3.12.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Changes in accounting practices and disclosures</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>4.1&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>New standards, amendments and interpretations effective for periods beginning on or after January 1, </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>2018</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>New standards and revisions</FONT></B></P>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>CPC 48/IFRS 9 &#8211; Financial Instruments </FONT></P></TD>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Changes in the classification and measurement requirements, mainly for impairment and hedge accounting.</FONT></P></TD>

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   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Except for the impact of the disclosure of allowance for doubtful accounts in the income statements, which is demonstrated as a separate item, the application of this standard did not impact materially the disclosures or amounts recognized in the annual financial statements.</FONT></P>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>CPC 47/IFRS 15 - Revenue from Contracts with Customers</FONT></P></TD>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Establishes a single comprehensive framework to determine if and when a revenue is recognized and how revenue is measured.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> </FONT></P>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>IFRS 15 superseded the current </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>revenue recognition guidance including</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> CPC 30 (R1)/IAS 18 Revenues, CPC 17 (R1)/IAS 11 Construction Contracts and IFRIC 13 Interpretation A &#8211; Customer Loyalty Programs. </FONT></P>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(*) See impact analysis below.</FONT></P>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Amendments to CPC 10 (R1)/IFRS 2 &#8211; Classification and measurement of share-based payment</FONT></P></TD>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Describe about&nbsp; modifications of settled options of shares.</FONT></P></TD>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The application of this amendment did not impact the disclosures or amounts recognized in the annual financial statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Amendments to CPC 28 /IAS 40 &#8211; Transfer of Investment Property</FONT></P></TD>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The amendments clarify that a transfer to or from investment properties require an assessment of whether a property match, or no longer match, the definition of investment properties, supported by observable evidence of changes in use, and that a change in use is possible for properties under construction.</FONT></P>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The application of this amendment did not impact the disclosures or amounts recognized in the annual financial statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Annual improvements to IFRS: 2014-2016 Cycle &#8211; Amendments to CPC 18 (R2)/IAS 28 &#8211; Investments in Associates and Joint Ventures</FONT></P></TD>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The amendments clarify that the option made by a venture capital organization and other similar entities to measure investments in associates and joint ventures at fair value through profit or loss is separately available for each associate or joint venture, and this choice should be made in the inception.</FONT></P>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The application of this amendment did not impact the disclosures or amounts recognized in the annual financial statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>IFRIC 22 &#8211; Foreign Currency Transactions and Advance Consideration</FONT></P></TD>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Describes how the transaction date should be defined in order to determine the exchange rate applicable to the initial recognition of an asset, expense or income when the consideration of that item has been paid or received in advance in foreign currency, resulting in the recording of non-monetary assets and liabilities. </FONT></P>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The application of this interpretation did not impact the disclosures or amounts recognized in the annual financial statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(*) CPC 47/IFRS 15 &#8211; Revenue from Contracts with Customers</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As established by CPC 47/IFRS 15 - Revenue from Contracts with Customers, assets related to the concession under construction, recorded under the scope of ICPC 01 (R1)/IFRIC 12 &#8211; Service Concession Arrengements, should be classified as a Contract Asset during the construction period and transferred to Intangible Assets only after completion of the works. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>With the adoption of this new standard, SABESP started to record the Contract Asset in the balance sheet. This amount was previously recognized as part of Intangible Assets and was, therefore, reclassified, with no impact in the income statement. Due to the transition methods adopted by the Company in the application of this standard, the comparative information of the financial statements was not restated and the impact of the adoption of this standard </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>on</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia> January 1, 2018 is as follows: </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Assets</FONT></B></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Note</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>January 1, 2018</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Impact of CPC 47</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>January 1, 2018</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Current assets</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Cash and cash equivalents </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>7</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,283,047</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,283,047</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Trade receivables</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>9 (a)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,672,595</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,672,595</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Accounts receivable from related parties</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>10 (a)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>180,773</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>180,773</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Inventories</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>85,671</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>85,671</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Restricted cash</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>8</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>18,822</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>18,822</FONT></P></TD></TR>

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   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Recoverable taxes</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>18 (a)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>276,585</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>276,585</FONT></P></TD></TR>

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   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Other receivables</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>56,592</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>56,592</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total current assets</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4,574,085</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4,574,085</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Noncurrent assets</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Trade receivables</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>9 (a)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>215,910</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>215,910</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Accounts receivable from related parties</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>10 (a)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>634,387</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>634,387</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Escrow deposits</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>122,686</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>122,686</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Water National Agency (ANA)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>11</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>70,487</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>70,487</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Other receivables</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>113,123</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>113,123</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Investments</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>12</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>36,932</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>36,932</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Investment properties</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>13</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>57,652</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>57,652</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Contract asset</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>14</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>10,387,715</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>10,387,715</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>15</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>33,466,132</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(10,387,715)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>23,078,417</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Property, plant and equipment</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>16</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>255,050</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>255,050</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; </FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total noncurrent assets</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>34,972,359</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>34,972,359</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total assets</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>39,546,444</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>39,546,444</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>4.2 </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>New standards, amendments and interpretations to existing standards that are not yet effective</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company did not early adopt these standards and is assessing the impacts of the new and revised IFRS below on the disclosures or amounts recognized in the financial statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>: </FONT></P>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Description</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Impact</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>CPC 06 (R2)/IFRS 16 &#8211; Leases<SUP>1</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Establishes a single model for the accounting of leases in the balance sheet for lesses. A lessee recognizes a right of use asset that represents his right to use the leased asset and a lease liability that represents his obligation to make lease payments. The lessor's accounting remains similar to the current standard, that is, the lessors continue to classify the leases as financial or operating.</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=Arial,sans-serif> &nbsp;</FONT></P>

   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>IFRS 16 will supersede the current leases guidance including CPC 06 (R1)/IAS 17 Leases and ICPC 03/IFRIC 4, SIC 15 and SIC 27 Determining Whether an Arrangement Contains a Lease</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>. </FONT></P>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(**) See impact analysis below.</FONT></P></TD></TR>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>ICPC 22 / IFRIC 23&nbsp; &#8211; Uncertainty over Income Tax Treatments<SUP> 1</SUP></FONT></P></TD>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Clarify accounting when there are uncertainties about the treatment of taxes on profit.</FONT></P></TD>

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   <P style="MARGIN: 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company is assessing the impacts and effects of the amendments; however, it does not expect material effects from adopting this standard</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>1 Effective for annual periods beginning on or after January 1, 2019. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(**) CPC 06 (R2)/IFRS 16 &#8211; Leases</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The new standard supersede CPC 06 (R1) / IAS 17 &#8211; &#8220;Leases&#8221; and corresponding interpretations, introducing significant changes to lessees, as it requires lessees to recognize the liability of future payments and the right of use of leased assets to virtually all lease agreements, including operating leases; specific short-term contracts or contracts with small amounts may be excluded from the scope of this new standard.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company&#8217;s financial statements will be impacted as follows:</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>a) recognition of right-of-use assets and lease liabilities in the statement of financial position, initially measured at present value of future lease payments;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>b) recognition of amortization expenses of right-of-use assets and interest expenses on lease liabilities in the income statement; and</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>c) separation of the total cash paid in these transactions between principal (recorded in financing activities) and interest (recorded in operating activities) in the statement of cash flows.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>SABESP will apply the requirements of CPC 06 (R2)/IFRS 16 as of the fiscal year beginning on January 1, 2019. To this end, the transition method selected by the Company was the modified retrospective approach, whereby the amount referring to the Right-of-Use Asset (&#8220;Lease Asset&#8221;) equals the Lease Liability, without the cumulative effect of the initial application of this new standard recorded as adjustment to the opening balance of equity and without the restatement of comparative periods.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The new lease definitions were applied to all contracts in effect on the transition date. The change in the definition of a lease refers mainly to the concept of control. CPC 06 (R2)/IFRS 16 establishes whether a contract contains a lease based on the fact that customer has the right to control an identified asset for a defined period of time in exchange of consideration.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company&#8217;s Management analyzed contracts (out of a total of approximately 20,000 contracts), evaluating whether they contained leases in accordance with CPC 06 (R2)/IFRS 16. This analysis identified impacts mainly related to vehicles and properties leased from third parties, corresponding to approximately 95% of the total amount, and less representative amounts arising from other transactions in which we identified assets leased individually or in combination in service contracts.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The recognition of lease expenses of short-term leases (12 months or less) and leases of low-value assets (below US$ 5,000.00) will remain on a linear basis, as permitted by CPC 06 (R2)/IFRS 16.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>On January 1, 2019, the measurement of lease liabilities corresponds to the total future fixed lease payments, adjusted to present value, considering an incremental rate on borrowings, which corresponds to the average rate applicable to borrowings or debt issues in the local capital market, which represent the financing of these assets classified as right of use, allocating the assets based on useful life at the average rate per maturity term of each borrowing contract.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company decided to use the practical expedient of using a single real discount rate based on the respective terms for contracts with similar characteristics.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Regarding renewals, the Company considered the assumptions, policies and internal regulations, whose term cannot be automatically renewed, and for which extensions will only occur based on an agreement between the parties in cases proven to be advantageous and necessary to attain SABESP&#8217;s interests, i.e. when it is reasonable sure that the option will be exercised. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>After carrying out analysis, the Company concluded that only 70 agreements will fall under the scope of CPC 06 (R2)/IFRS 16 and, on January 1, 2019, the Company&#8217;s Management will recognize a right-of-use asset and a lease liability at the present value of R$ 64,955.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018, the analyses and internal controls associated with the measurement and accounting of lease agreements were substantially concluded and under customization with conclusion pending the definition of certain assumptions. Therefore, considering the existence of significant judgment components in the new accounting pronouncement, the Company believe that there may be changes in the reported amounts, but in amounts deemed not significant within the context of the financial statements.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company intends to apply the practical expedient related to the definition of leases during transition. This means that it will apply CPC 06 (R2)/IFRS 16 to all agreements signed before January 1, 2019 identified as lease, in accordance with CPC 06 (R1)/IAS 17 and ICPC 03/IFRIC 4.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>There are no other standards and interpretations not yet adopted that may, in the opinion of Management, have a significant impact on the result for the year of equity disclosed by the Company in its financial statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=windowtext face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk Management</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>5.1&nbsp; Financial Risk Management</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Financial risk factors</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The Company's activities are affected by the Brazilian economic scenario, making it exposed to market risk (exchange rate and interest rate), credit risk and liquidity risk. The Company&#8217;s financial risk management is focused on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company&#8217;s financial performance.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The Company has not </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>utilized</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia> derivative instruments in any of the reported periods.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17.85pt; TEXT-INDENT: -17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market risk</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Foreign currency risk</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>SABESP&#8217;s foreign exchange exposure implies market risks associated with currency fluctuations, since the Company has foreign currency-denominated liabilities, mainly US dollar and yen-denominated short- and long-term borrowings. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The management of SABESP&#8217;s foreign currency exposure considers several current and projected economic factors, besides market conditions.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>This risk arises from the possibility that the Company may incur in losses due to exchange rate fluctuations that would impact liability balances of foreign currency-denominated borrowings and financing raised in the market and related financial expenses. The Company does not maintain hedge or swap contracts or any derivative financial instrument to hedge against this risk. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>A significant amount of the Company&#8217;s financial debt is indexed to the US dollar and Yen, in the total amount of <BR>R$ 6,694,912 as of December 31, 2018 (R$ 5,702,375 as of December 31, 2017). Below, the Company&#8217;s exposure to exchange risk:</FONT></P>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" colSpan=2 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" colSpan=2 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Foreign currency</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>R$</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Foreign currency</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>R$</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Borrowings and financing &#8211; US$</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,191,152</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>4,615,476</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,200,786</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,972,200</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Borrowings and financing &#8211; Yen</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>57,463,173</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,026,726</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>57,575,271</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,692,713</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Interest and charges from borrowings and financing &#8211; US$</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>40,193</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>26,628</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Interest and charges from borrowings and financing &#8211; Yen</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>12,517</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>10,834</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total exposure</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>6,694,912</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>5,702,375</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Borrowing cost &#8211; US$</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(22,390)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(26,454)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Borrowing cost &#8211; Yen</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(3,113)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(3,100)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total foreign-currency denominated borrowings (Note 17)</FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>6,669,409</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>5,672,821</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The 17.6% increase in foreign-currency denominated debt from December 31, 2017 to December 31, 2018 was mainly due to:</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>88</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Exchange rates, as a result of:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 40.55pt; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>17.1% increase of the US dollar against the real, from R$&nbsp;3.3080 as of December 31, 2017, to R$&nbsp;3.8748 as of December 31, 2018; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 40.55pt; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>20.0% increase of the Yen, from R$&nbsp;0.02940 as of December 31, 2017, to R$&nbsp;0.03527 as of December 31, 2018. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018, if the Brazilian real had depreciated or appreciated by 10 percentage points, in addition to the impacts mentioned above, against the US dollar and Yen with all other variables held constant, the effects on results before taxes on the year would have been R$ 669,491 (R$ 570,238 as of December 31, 2017), lower or higher, mainly as a result of exchange losses or gains on the translation of foreign currency-denominated loans.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Scenario I below presents the effect in income statements for the next 12 months, considering the projected rates of the US dollar and the Yen. Considering the other variables as remaining constant, the impacts for the next 12 months are shown in scenarios II and III with possible depreciations of 25% and 50%, respectively, in the Brazilian real.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-8</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>9</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Scenario I (Probable)</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Scenario II (+25%)</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Scenario III (+50%)</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(*)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Net currency exposure on December 31, 2018 (Liabilities) in US$</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,191,152</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1.191.152</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1.191.152</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>US$ rate on December 31, 2018</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3.8748</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,8748</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,8748</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Exchange rate estimated according to the scenario</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3.8000</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>4,7500</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>5,7000</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Differences between the rates</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>0.0748</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(0,8752)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,8252)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Effect on net financial result in R$ - gain/(loss) </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>89,098</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1.042.496)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(2.174.091)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Net currency exposure on December 31, 2018 (Liabilities) in Yen</FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>57,463,173</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>57.463.173</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>57.463.173</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Yen rate on December 31, 2018</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>0.03527</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>0,03527</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>0,03527</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Exchange rate estimated according to the scenario</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>0.03597</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>0,04497</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>0,05396</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Differences between the rates</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(0.00070)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(0,00970)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(0,01869)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Effect on net financial result in R$ - (loss) </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(40,224)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(557.393)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1.073.987)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total effect on net financial result in R$ - gain/(loss) </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>48,874</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1.599.889)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(3.248.078)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(*)For the probable scenario in US dollar, the exchange rate estimated for December 31, 2019 was used, pursuant to the Focus Report &#8211; BACEN of December 31, 2018, while for the Yen, the average exchange rate was considered for the 12-month period after December 31, 2018, according to B3&#8217;s Reference Rates report of December 31, 2018.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Interest rate risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>This risk arises from the possibility that the Company could incur losses due to fluctuations in interest rates, increasing the financial expenses related to borrowings and financing.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The Company has not entered into any derivative contract to hedge against this risk; however, it continually monitors market interest rates, in order to evaluate the possible need to replace its debt. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>90</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The table below provides the Company's borrowings and financing subject to variable interest rate:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

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<TR style="HEIGHT: 15.6pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

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   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>CDI (i)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,250,000</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,144,391</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>TR (ii)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,637,290</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,574,564</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>IPCA (iii)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,614,595</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,699,747</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>TJLP (iv)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,322,854</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,354,987</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>LIBOR (v)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,259,295</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,814,399</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Interest and charges</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>134,725</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>125,172</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>9,218,759</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>8,713,260</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(i) &nbsp;&nbsp; CDI - (</FONT><I><FONT lang=PT-BR style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Certificado de Dep&#243;sito Interbanc&#225;rio</FONT></I><FONT lang=PT-BR style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>), an interbank deposit certificate</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(ii) &nbsp; TR &#8211; Interest Benchmark Rate</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(iii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPCA - (</FONT><I><FONT lang=PT-BR style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>&#205;ndice Nacional de Pre&#231;os ao Consumidor Amplo</FONT></I><FONT lang=PT-BR style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>), a consumer price index</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(iv) TJLP - (</FONT><I><FONT lang=PT-BR style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Taxa de Juros a Longo Prazo</FONT></I><FONT lang=PT-BR style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>), a long-term interest rate index</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(v) &nbsp; LIBOR - London Interbank Offered Rate</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Another risk to which the Company is exposed is the mismatch of monetary restatement indices of its debts with those of its service revenues. Tariff adjustments of services provided by the Company do not necessarily follow the increases in the inflation indexes to adjust loans, financing and interest rates affecting indebtedness.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018, if interest rates on borrowings and financing had been 1 percentage point higher or lower with all other variables held constant, the effects on profit before taxes for the year would have been R$ 92,188<BR>(R$ 87,133 as of December 31, 2017), lower or higher, mainly as a result of lower or higher interest expense on floating rate borrowings and financing.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Credit risk arises from cash and cash equivalents, deposits in banks and financial institutions, as well as credit exposures to wholesale basis and retail customers, including outstanding accounts receivable, restricted cash and accounts receivable from related parties. Credit risk exposure to customers is mitigated by sales to a dispersed base.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The maximum exposures to credit risk as of December 31, 2018 are the carrying amounts of instruments classified as cash equivalents, deposits in banks and financial institutions, restricted cash, trade receivables and accounts receivable from related parties </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>in the balance sheet date</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>. See additional information in Notes</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=Arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>7, 8, 9 and 10. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Regarding the financial assets held with financial institutions, the credit quality that is not past due or subject to impairment can be assessed by reference to external credit ratings (if available) or to historical information about the bank&#8217;s default rates. The credit quality of the banks, such as deposits and financial investments, the Company considers the lower rating published by three main international rating agencies (Fitch, Moody's and S&amp;P), according to internal policy of market risk management:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Cash at banks and short-term bank deposits</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>AA(bra)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,966,080</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,222,001</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>AAA(bra)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>45,430</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>43,978</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other (*)</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>17,681</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>17,068</FONT></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,029,191</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,283,047</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(*) This category includes current accounts and investment funds in banks whose balances were not significant and, after assessing the impact from CPC 48/IFRS 9, concluded that the expected losses are immaterial.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The available credit rating information of the banks, on December 31, 2018, in which the Company made deposit transactions and financial investments in local currency (R$ - domestic rating) during the year is as follows:</FONT></P>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Banks</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fitch</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Moody's</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Standard Poor's</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=georgia>Banco do Brasil S/A</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>AA(bra)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Aa1.br</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=georgia>Banco Santander Brasil S/A</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Aaa.br</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Brazilian Federal Savings Bank</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>AA(bra)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Aa1.br</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>brAAA</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Banco Bradesco S/A</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Aa1.br</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>brAAA</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Ita&#250; Unibanco Holding S/A</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Aa1.br</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>brAAA</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(c)&nbsp; Liquidity risk</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The Company's liquidity is primarily reliant upon cash provided by operating activities, loans from Brazilian federal and state governmental financial institutions, and financing in the domestic and international capital markets. The liquidity risk management considers the assessment of its liquidity requirements to ensure it has sufficient cash to meet its operating and capital expenditures needs, as well as the payment of debts.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The funds held by the Company are invested in interest-bearing current accounts, time deposits and securities, selecting instruments with appropriate maturity or liquidity sufficient to provide margin as determined by projections mentioned above.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The table below shows the Company&#8217;s financial liabilities, into relevant maturities, including the installments of principal and future interest to be paid according to the agreement. Future interest was calculated based on the contractual clauses for all agreements. For agreements with floating interest rate, the interest rates used correspond to the base dates.</FONT></P>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2019</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2020</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2021</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2022</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2023</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2024 onwards</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Liabilities </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,581,359</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>3,073,006</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,427,558</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,468,221</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal; LINE-HEIGHT: 110%" face=georgia>1,189,927</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>6,364,235</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>16,104,306</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Accounts payables to suppliers and contractors</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>465,993</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal; LINE-HEIGHT: 110%" face=georgia>465,993</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Services payable</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>454,022</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal; LINE-HEIGHT: 110%" face=georgia>454,022</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Public-Private Partnership (PPP)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>405,263</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>377,196</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>377,196</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>377,196</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal; LINE-HEIGHT: 110%" face=georgia>377,196</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>4,889,573</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>6,803,620</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Program contract commitments</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>244,446</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>45,608</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>45,741</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>30,991</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal; LINE-HEIGHT: 110%" face=georgia>30,991</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>14,417</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>412,194</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Cross default</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The Company has borrowings and financing agreements including cross default clauses, i.e., the early maturity of any debt may imply the early maturity of these agreements. The indicators are continuously monitored in order to avoid the execution of these clauses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sensitivity analysis on interest rate risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The table below shows the sensitivity analysis of the financial instruments, prepared in accordance with CVM Rule 475/08 in order to evidence the balances of main financial assets and liabilities, calculated at a rate projected for the twelve-month period after December 31, 2018, or until the final settlement of each contract, whichever is shorter, considering a probable scenario (Scenario I), appreciation of 25% (Scenario II) and 50% (Scenario III).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The purpose of the sensitivity analysis is to measure the impact of changes in the market over the financial instruments of the Company, considering constant all other variables. In the time of settlement, the amounts can be different from those presented, due to the estimates used in the measurement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%" colSpan=5>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2018</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Indicators</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Exposure</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Scenario I</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(Probable) (i)</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Scenario II</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;25%</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Scenario III</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>50%</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>CDI</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,877,633</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>7.1300%(*)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>5.3475%</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3.5650%</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Financial income</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>205,175</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>153,881</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>102,588</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Liabilities </FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>CDI </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,250,000) </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>7.1300%(*)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>5.3475%</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3.5650%</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Interest to be incurred</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(89,125)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(66,844)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(44,563)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="18%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>CDI net exposure</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,627,633</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>116,050</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>87,037</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>58,025</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Liabilities </FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>TR</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,637,290 )</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>0.0001%(***)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>0.0001%</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>0.0002%</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Expenses to be incurred </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(2)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(2)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(3)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>IPCA</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,614,595) </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>4.0100%(*)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>5.0125%</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>6.0150%</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Expenses to be incurred</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(64,745)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(80,932)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(97,118)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>TJLP</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,322,854) </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>6.9800%(*)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>8.7250%</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>10.4700%</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Interest to be incurred</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(92,335)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(115,419)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(138,503)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>LIBOR </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(3,259,295) </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2.7517%(**)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3.4396%</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>4.1275%</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Interest to be incurred</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(89,686)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(112,107)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(134,527)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total net expenses to be incurred</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(130,718)</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(221,423)</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(312,126)</FONT></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(*)&nbsp;&nbsp;&nbsp;&nbsp; Source: CDI and IPCA rates (Focus Report &#8211; BACEN of December 31, 2018) and long-term interest rate at December 31, 2018 (BACEN).</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(**)&nbsp;&nbsp; Source: Bloomberg</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(***) Source: B3 (previously BM&amp;FBovespa)</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>93</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>&nbsp;(i)&nbsp;&nbsp; Refers to the scenario of interest to be incurred for the 12 months from December 31, 2018 or until the maturity of the agreements, whichever is shorter.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>9<FONT style="FONT-SIZE: 11pt" face=Georgia>4</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>5.2 Capital management </FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The Company&#8217;s objectives when managing capital are ensure its ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The Company monitors capital based on the leverage ratio. This ratio corresponds to net debt divided by total capital. Net debt corresponds to total borrowings and financing less cash and cash equivalents. Total capital is calculated as total equity as shown in the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>statement of the financial position</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia> plus net debt.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

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<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total borrowings and financing (Note 17)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>13,152,796</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>12,100,966</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(-) Cash and cash equivalents (Note 7)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(3,029,191)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(2,283,047)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Net debt</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>10,123,605</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>9,817,919</FONT></P></TD></TR>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total equity</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>19,551,688</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>17,513,009</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total capital </FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>29,675,293</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>27,330,928</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Leverage ratio</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>34%</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>36%</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2018, the leverage ratio decreased to 34% from the 36% as of December 31, 2017, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>mainly due to the increase in equity generated by the 2018 earnings retention</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>, mitigated by the increase of the net debt mainly as a result of the appreciation of the US dollar (17.1%) and the Yen (20.0%) against the Real</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>5.3 Fair value estimates</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The Company considers</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia> that balances from trade receivables (current) and accounts payable to suppliers by carrying amount, less impairment approximate their fair values, considering the short maturity. Long-term trade receivables also approximate their fair values, as they will be adjusted by inflation and/or will bear contractual interest rates over time.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>95</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>5.4 Financial instruments</FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>With the changes introduced by CPC 48/IFRS 9 (Financial Instruments), on December 31, 2018, the Company did not have financial assets classified as fair value through other comprehensive income and fair value through profit or loss. The Company&#8217;s financial instruments included in the amortized cost category comprise cash and cash equivalents, restricted cash, trade receivables, balances with related parties, other receivables, and balances receivable from the Water National Agency (ANA), accounts payable to contractors and suppliers, borrowings and financing, services payable, balances payable deriving from the Public Private Partnership (PPP) and program contract commitments, which are non-derivative financial assets and liabilities with fixed or determinable payments, not quoted in an active market. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The estimated fair values of financial instruments</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=Arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Financial assets</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" colSpan=2 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" colSpan=2 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Carrying amount</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fair </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>value</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Carrying amount</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fair </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>value</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Cash and cash equivalents </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,029,191</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,029,191</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,283,047</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,283,047</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Restricted cash</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>31,900</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>31,900</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>18,822</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>18,822</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Trade receivables</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,052,416</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,052,416</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,888,505</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,888,505</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Water National Agency - ANA</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>49,136</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>49,136</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>70,487</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>70,487</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Other receivables </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>180,681</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>180,681</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>169,715</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>169,715</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Additionally, SABESP has financial instrument assets receivables from related parties, in the amount of R$ 843,250 as of December 31, 2018 (R$ 815,160 as of December 31, 2017), which were calculated in accordance with the conditions negotiated between related parties. The conditions and additional information related to these financial instruments are disclosed in Note 10 to the financial statements. Part of this balance, totaling R$ 737,503 <BR>(R$ 709,208 as of December 31, 2017), refers to reimbursement of additional retirement and pension plan &#8211; G0 and is indexed by the IPCA plus simple interest of 0.5% p.m. This interest rate approximates that one practiced by federal government bonds (NTN-b) with terms similar to those of related-party transactions.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>9<FONT style="FONT-SIZE: 11pt" face=Georgia>6</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Financial liabilities</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" colSpan=2 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" colSpan=2 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Carrying amount</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fair </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>value</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Carrying amount</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fair </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>value</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>13,152,796</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>13,116,684</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>12,100,966</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>11,967,909</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Accounts payables to suppliers and contractors</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>465,993</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>465,993</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>344,947</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>344,947</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Services payable</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>454,022</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>454,022</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>408,275</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>408,275</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Program contract commitments</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>373,009</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>373,009</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>239,500</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>239,500</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Public-Private Partnership - PPP</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,413,124</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,413,124</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,071,416</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,071,416</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The criteria adopted to obtain the fair values of borrowings and financing were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Georgia></FONT>&nbsp;</P>

<DIV>

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



<TR>

   <TD vAlign=top width="3%" align=center>

   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>(i)</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>Agreements with CEF (Brazilian Federal Savings Bank) were projected until their final maturities, at contractual rates (projected TR + spread) and discounted at present value by TR x DI, both rates were obtained from </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>B3. </FONT></P></TD></TR>

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   <TD vAlign=top width="3%" align=center>

   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>(ii)</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>Debentures were projected up to the final maturity date according to contractual rates (IPCA, DI, TJLP or TR), and discounted to present value considering the future interest rate published by ANBIMA in the secondary market, or by market equivalent rates, or the Company&#8217;s share traded in the Brazilian market</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>. </FONT></P></TD></TR>

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   <TD vAlign=top width="3%" align=center>

   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>(iii)</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>BNDES loans are financial instruments valued at carrying amount plus contractual interest rate until the maturity date and are indexed by long term interest rate (</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>TJLP)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face="times new roman">.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="3%" align=center>

   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia></FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>These financing have specific characteristics and the conditions defined in the financing agreements with BNDES between independent parties and reflect the conditions for those types of loan.&nbsp; In Brazil, a consolidated market of long-term debts does not exist with the same characteristics of BNDES financing, the offering of credit to the entities in general, with this long-term characteristic, usually is restricted to BNDES</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>.</FONT></P></TD></TR>

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   <TD vAlign=top width="3%" align=center>

   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>(iv)</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>Other financing in local currency are considered by carrying amount plus contractual interest rate until the maturity date, discounted to present value considering a future interest rate published by </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>B3.</FONT></P></TD></TR>

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   <TD vAlign=top width="3%" align=center>

   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>(v)</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>Agreements with BID and IBRD, were projected until final maturity in origin currency, applying interest rates contracted, discounted at present value at Libor futures rate, obtained from Bloomberg.&nbsp; Eurobonds were priced at market value through quotes published by Bloomberg.&nbsp; All the amounts obtained were translated into Brazilian reais at the exchange rate of <FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>December 31, 2018. </FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -19.85pt"><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -19.85pt"><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>9<FONT style="FONT-SIZE: 11pt" face=Georgia>7</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>(vi)</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>Agreements with JICA, were projected until final maturity in origin currency, using interest rates contracted and discounted at present value, at Tibor futures rate obtained from Bloomberg.&nbsp; The amounts obtained were translated into Brazilian reais at the exchange rate of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia> December 31, 2018. </FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>(vii)</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>Leases are financial instruments considered by face value restated until maturity date, whose characteristic is the indexation by fixed contractual rate. Thus, the Company discloses as market value, the amount recorded </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>as of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=#000000 face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>December 31, 2018.</FONT></P></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline" color=black face=georgia>Financial instruments referring to investments and borrowings and financing are classified as Level 2 in the fair value hierarchy</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>Considering the nature of other financial instruments, assets and liabilities of the Company, the balances recognized in the statement of financial position approximate the fair values, taking into account the maturities close to the end of the reporting period, comparison of contractual interest rates with market rates in similar operations at the end of the reporting period, their nature and maturity terms.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Key accounting estimates and judgments</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Estimates and judgments are continually evaluated and are based on historical experience and on other factors, including expectations of future events that are believed to be reasonable under the circumstances.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company makes estimates and assumptions concerning the future. The resulting accounting estimates, by definition, may differ from actual results. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.25pt; TEXT-INDENT: -35.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Allowance for doubtful accounts</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The Company establishes an allowance for doubtful accounts in an amount that Management considers sufficient to cover expected losses (see Note 9 (c)), based on an analysis of trade receivables, in accordance with the accounting policy stated in Note </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>3.4.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The methodology for determining the allowance for doubtful accounts receivable requires significant estimates, considering a number of factors including historical receipt experience, current economic trends, the aging of the accounts receivable portfolio and expectation of future losses.&nbsp; While the Company believes that the assumptions used are reasonable, actual results could be different</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.25pt; TEXT-INDENT: -35.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Intangible assets arising from concession and program contracts</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The Company recognizes as intangible assets arising from concession agreements.&nbsp; The Company estimates the fair value of construction and other work on the infrastructure to recognize the cost of the intangible asset, which is recognized when the infrastructure is built and provided that it will generate future economic benefits.&nbsp; The great majority of the Company's contracts for service concession arrangements entered with each grantor is under service concession agreements in which the Company has the right to receive, at the end of the contract, a payment equivalent to the unamortized asset balance of the concession intangible asset, which in this case, are amortized over the useful life of the underlying physical assets, thus at the end of the contract, the remaining value of the intangible would be equal to the residual value of the related fixed asset.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>Concession intangible assets under Concession agreements and Program contracts, in which, at the end of the contract, the Company has no right to receive a payment equivalent to the unamortized asset balance of the concession intangible, are amortized on a straight-line basis over the useful life of asset or contract period, which occurs first.&nbsp; Additional information on the accounting for intangible assets arising from concession agreements are described in Notes 3.8 and 15.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The recognition of fair value for the intangible assets arising on concession agreements is subject to assumptions and estimates, and the use of different assumptions could affect the balances recorded. Different assumptions and estimates and changes in the useful lives of the intangible assets may have relevant impacts on the results of operations</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia>.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" face=georgia> </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.25pt; TEXT-INDENT: -35.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Pension benefits</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company sponsors the defined benefit plan and the defined contribution plan, as described in Note 21.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The liability recognized in the balance sheet in relation to defined benefit pension plans is the present value of defined benefit obligation on the balance sheet date, less the fair value of plan assets. The benefit obligation is calculated yearly by independent actuaries, applying the projected credit unit method.&nbsp; The present value of defined benefit obligation is determined by discounting the estimated future cash outflows, using interest rates compatible with the market, which are denominated in currency in which benefits will be paid and with maturity terms close to those of corresponding pension plan obligation</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.25pt; TEXT-INDENT: -35.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(d)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Deferred income tax and social contribution</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company recognizes and settles taxes on income based on the results of operations verified according to the Brazilian Corporation Law, taking into consideration the provisions of the tax laws. The Company recognizes deferred tax assets and liabilities based on the differences between the accounting balances and the tax bases of assets and liabilities. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company regularly reviews the recoverability of deferred tax assets and recognizes a provision for impairment if it is probable that these assets will not be realized, based on the historic taxable income, in the projection of future taxable income and the estimated period of reversing temporary differences. These calculations require the </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>use of estimates and assumptions. The use of different estimates and assumptions could result in provision for impairment of all or a significant amount of deferred tax assets</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia>. Additional information related to taxes are described in Note 19</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.25pt; TEXT-INDENT: -35.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(e)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Provisions </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company is party to a number of legal proceedings involving significant claims. These legal proceedings include, but are not limited to, tax, labor, civil, environmental, disputes with customers and suppliers. The Company recognizes a provision for lawsuits when it has a present obligation (legal or constructive) arising from a past event, it is probable that an outflow of resources embodying economic benefits will be necessary to settle the liability and the amount of such obligation can be reliable estimated.&nbsp; Judgments regarding future events may differ significantly from actual estimates and could exceed the amounts provisioned.&nbsp; Provisions are revised and adjusted to take into consideration changes in circumstances involved. Additional information of these legal proceedings are disclosed in Note 20</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents</FONT></B></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Cash and banks</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>151,558</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>171,951</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,877,633</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,111,096</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,029,191</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,283,047</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>Cash and cash equivalents include cash, bank deposits and high-liquidity short-term financial investments, mainly represented by repurchase agreements (accruing CDI interest rates), deposited at Banco do Brasil, whose original maturities are lower than three months, which are convertible into a cash amount and subject to an insignificant risk of change in value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The average yield of financial investments corresponds to 98.28% of CDI in December 2018 (98.88% in December 2017)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>100</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" face=georgia>8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash</FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Current</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Agreement with the S&#227;o Paulo municipal government (i)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>19,977</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>12,055</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Brazilian Federal Savings Bank &#8211; escrow deposits (ii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5,880</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,209</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6,043</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5,558</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>31,900</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>18,822</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 34.05pt; TEXT-INDENT: -19.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(i)&nbsp;&nbsp;&nbsp; Refers to the amount deducted from the 7.5% of municipal revenue transferred to the Municipal Fund, corresponding to eventual amounts unpaid by direct management bodies, foundations and government agencies, as established in the agreement entered into with the municipal government of S&#227;o Paulo; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" face=georgia>9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables </FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial position balance</FONT></B></P>

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   <P style="MARGIN: 0in 2.85pt 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Private sector:</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>General and special customers (i) (ii)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,372,667</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,248,979</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Agreements (iii)</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>347,679</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>320,032</FONT></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,720,346</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,569,011</FONT></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Government entities:</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Municipal</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>575,733</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>532,320</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Federal</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,876</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,547</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Agreements (iii)</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>274,906</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>285,614</FONT></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>854,515</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>821,481</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Wholesale customers &#8211; Municipal governments: (iv)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Guarulhos (*)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>760,598</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Mau&#225;</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>601,910</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>530,830</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Mogi das Cruzes</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,056</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,670</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Santo Andr&#233;</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,164,399</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,048,832</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>S&#227;o Caetano do Sul</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,869</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,604</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Diadema </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>222,671</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>222,671</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total wholesale customers &#8211; Municipal governments</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,994,905</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,568,205</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Unbilled supply</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>587,189</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>580,006</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Subtotal</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>5,156,955</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>5,538,703</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Allowance for doubtful accounts</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(3,104,539)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(3,650,198)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,052,416</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,888,505</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Current</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,843,333</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,672,595</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Noncurrent</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>209,083</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>215,910</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,052,416</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,888,505</FONT></P></DIV></TD></TR></TABLE><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>102</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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   <P style="MARGIN-BOTTOM: 8pt" align=right><FONT size=2 face=Georgia>(i)</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 8pt; MARGIN-LEFT: 5pt"><FONT size=2 face=Georgia>General customers - residential and small- and mid-sized companies;</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 8pt" align=right><FONT size=2 face=Georgia>(ii)</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 8pt; MARGIN-LEFT: 5pt"><FONT size=2 face=Georgia>Special customers &#8211; large consumers, commercial industries, condominiums and special billing consumers (fixed demand agreements, industrial waste, wells, etc.);</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 8pt" align=right><FONT size=2 face=Georgia>(iii)</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 8pt; MARGIN-LEFT: 5pt"><FONT size=2 face=Georgia>Agreements - installment payments of past-due receivables, plus monetary adjustment and interest, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=#000000 face=georgia>according to the agreements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>; and</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 8pt" align=right><FONT size=2 face=Georgia>(iv)</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 8pt; MARGIN-LEFT: 5pt"><FONT size=2 face=Georgia>Wholesale basis customers - municipal governments. This balance refers to the sale of treated water to municipalities, which are responsible for distributing to, billing and charging final customers. Some of these municipalities are questioning in court the tariffs charged by SABESP, which have full allowance for doubtful accounts.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 8pt" align=right><FONT size=2 face=Georgia></FONT></P></TD>

   <TD vAlign=top width="96%">

   <P style="MARGIN-BOTTOM: 8pt; MARGIN-LEFT: 5pt"><FONT size=2 face=Georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-BOTTOM: 8pt" align=right><FONT size=2 face=Georgia>(*)</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 8pt; MARGIN-LEFT: 5pt"><FONT size=2 face=Georgia>Agreement signed with the municipality of Guarulhos</FONT></P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 46.2pt; TEXT-INDENT: -17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>On December 12, 2018, an Agreement for debt payment and receipt was entered into by the municipality of Guarulhos (&#8220;Guarulhos&#8221;), the Guarulhos Autonomous Water and Sewage Service (SAAE) and SABESP, in order to settle SAAE&#8217;s existing debt through the transfer of sanitation services to SABESP for a period of 40 years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>On December 12, 2018, the S&#227;o Paulo State, the city of Guarulhos and SABESP, with intervention of SAAE, signed a Public Utility Service Agreement to Provide Water Supply and Sewage Services in the municipality of Guarulhos, through which the S&#227;o Paulo State and the municipality of Guarulhos granted SABESP the right to provide services for a period of 40 years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Due to the signature of the service agreement, the amount due by SAAE, recorded as revenue loss, totaling <BR>R$ 928,014, was recognized as revenue, reducing losses in receivables. As a result, the balance of receivables was used to pay for the transfer of sanitation services for a 40-year period, incorporated into intangible assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Due to the service transfer, the Company paid R$ 50,000 to settle administrative costs and terminate the services provided by SAAE. It also allocated R$ 150,000 to be transferred in five annual statements, adjusted by the IPCA index published by the Brazilian Institute of Geography and Statistics (IBGE); the first installment was paid in 2018 and the others will be paid from January 2020 to January 2023. The amounts must be allocated to sanitation initiatives. The total amount of R$ 200,000 was adjusted to present value and registered in intangible assets by crediting current and noncurrent liabilities, in the amounts of R$&nbsp;80,000 and R$&nbsp;98,301, respectively.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>103</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>From the sixth year after the signature of the agreement, four percent (4%) of gross revenue received by SABESP from the municipality of Guarulhos, less Cofins/Pasep, ARSESP&#8217;s Regulation, Control and Oversight Fee (TRCF) and other taxes/fees levied on revenue will be invested in environmental sanitation, housing, drainage and other urban infrastructure projects of the municipality of Guarulhos.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Credits in court, in the form of registered warrants, will be held as collateral of compliance with the Adjustment Instrument. The payment of said registered warrants held in court will be suspended for the period in which the Agreement remains in effect.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The collateral amount will be progressively reduced according to the following rules:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The collateral amount will not be reduced until the fifth (5<SUP>th</SUP>) anniversary of the Agreement signature date;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>From the fifth (5<SUP>th</SUP>) to the fifteenth (15<SUP>th</SUP>) anniversary of the Agreement signature date, Credits 1 and 2 will be reduced by an amount equivalent to 1/120 per complete month;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>From the fifteenth (15<SUP>th</SUP>) to the twenty-third (23rd) anniversary of the Agreement signature date, Credits 3 and 4will be reduced by an amount equivalent to 1/96 per complete month; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>From the twenty-third (23<SUP>rd</SUP>) to the fortieth (40<SUP>th</SUP>) anniversary of the Agreement signature date, Credit 5 will be reduced by an amount equivalent to 1/204 per complete month.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -0.25in">&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>104</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The aging of trade receivables is as follows</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

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<TR style="HEIGHT: 14.15pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Current</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,481,641</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,471,668</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Past-due:</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Up to 30 days</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>330,310</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>287,173</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>From 31 to 60 days </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>160,970</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>118,179</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>From 61 to 90 days</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>99,614</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>73,989</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>From 91 to 120 days</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>70,029</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>52,477</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>From 121 to 180 days</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>121,599</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>105,952</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>From 181 to 360 days</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>136,779</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>147,699</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Over 360 days</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,756,013</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,281,566</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total past-due</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,675,314</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>4,067,035</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>5,156,955</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>5,538,703</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The decrease in the overdue balance was mainly due to wholesale receivables from the municipality of Guarulhos, as a result of the agreement signed in December 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for doubtful accounts </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Balance at the beginning of the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>3,650,198</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>3,514,240</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Private sector/government entities</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>61,315</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>75,973</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Recoveries </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(107,307)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(133,730)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Wholesale customers</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(499,667)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>193,715</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Net additions/(recoveries) in the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(545,659)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>135,958</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Balance at the end of the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>3,104,539</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>3,650,198</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Reconciliation of estimated/historical losses of income</FONT></B></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Write-offs</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(184,555)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(171,729)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(Losses)/reversal with state entities &#8211; related parties</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>1,294</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(Losses) with private sector/government entities</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(Losses)/reversal with wholesale customers</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(29,458)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>9,781</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Recoveries</FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>107,307</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>133,730</FONT></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Amount recorded as selling expenses</FONT></P></TD>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>105</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Wholesale sales losses from the municipalities of Santo Andr&#233; and Mau&#225;, totaling R$&nbsp;116,250 and R$&nbsp;71,606, respectively, were also recorded as revenue reduction in 2018 (R$ 104,082 and R$ 64,070, respectively, in 2017). In addition, R$&nbsp;716,981 was reversed in the same line, related to the municipality of Guarulhos. Accordingly, the result of these changes generated a reversal of wholesale losses, in the revenue, of R$&nbsp;529,125 in 2018 (R$&nbsp;203,496 was recorded in 2017 as revenue reduction).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The Company does not have customers representing 10% or more of its total revenues.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>106</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" face=georgia>10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related-Party Balances and Transactions</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The Company is a party to transactions with its controlling shareholder, the State Government, and companies/entities related to it.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, interest on equity, revenue and expenses with the S&#227;o Paulo State Government</FONT></B></P>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Accounts receivable</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Current:</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Sanitation services (i)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>122,522</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>118,441</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face=georgia>Allowance for</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia> losses (i)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(33,820)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(35,114)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>&nbsp;&nbsp; Reimbursement of additional retirement and pension benefits paid (G0):</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Monthly flow (payments) (ii) and (vi)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>22,926</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>22,968</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>&nbsp;&nbsp; &nbsp;&nbsp; - GESP Agreement &#8211; 2008 (ii) and (vi)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>20,099</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - GESP Agreement &#8211; 2015 (vii)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>62,520</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>54,379</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total current</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>174,148</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>180,773</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Noncurrent:</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Agreement for the installment payment of sanitation services</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>17,045</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>22,625</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; Reimbursement of additional retirement and pension benefits paid (G0):</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp; &nbsp;&nbsp; - GESP Agreement &#8211; 2015 (vii)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>652,057</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>611,762</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total noncurrent</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>669,102</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>634,387</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total receivables from shareholders</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>843,250</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>815,160</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Assets:</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Sanitation services</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>105,747</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>105,952</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Reimbursement of additional retirement and pension benefits paid (G0)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>737,503</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>709,208</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>843,250</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>815,160</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Liabilities:</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Interest on equity payable to related parties</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>338,407</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>300,717</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Other (f)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>8,694</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,367</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Revenue from sanitation services</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>501,146</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>462,989</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Payments from related parties</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(509,672)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(471,081)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Receipt of GESP reimbursement referring to Law 4,819/58</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(173,516)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(192,889)</FONT></P></TD></TR>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 64.4pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;&nbsp;&nbsp;Sanitation services</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company provides water supply and sanitation services to the S&#227;o Paulo State Government and other companies related to it in accordance with usual market terms and conditions, as considered by management, except for the settlement of credits which can be made according to items (iii), (iv) and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(v). </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company recognized R$ 33,820 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>as of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia> December 31, 2018 (R$ 35,114 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>as of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia> December 31, 2017) as allowance for losses, according to </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>CPC 48/IFRS 9, applicable as from January 1, 2018.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 64.4pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Reimbursement of additional retirement and pension benefits paid</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Refers to amounts of supplementary retirement and pension benefits provided for in State Law 4,819/58 ("Benefits") paid by the Company to former employees and pensioners, referred to as Go.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Under the Agreement referred on item (iii), GESP recognizes its liability from charges arising from the Benefits, provided that the payment criteria set forth by the State Department of Personnel (DDPE), based on legal guidance of the Legal Consultancy of the Department of Finance and of the State Attorney General's Office (PGE), is complied with</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As discussed on item (vi), during the assessment of the debt due by GESP to the Company there were certain divergences in the calculation and eligibility criteria of the benefits paid by the Company on behalf of GESP.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>See additional information about the Go plan in Note </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>21 (b) (iii).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In January 2004, the payments of supplement retirement and pension benefits were transferred to the Department of Finance and would be made in accordance with the calculation criteria determined by the PGE. As a result of a court decision, the responsibility for making the payments returned to SABESP, as originally established</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(iii)&nbsp;&nbsp;&nbsp;&nbsp; GESP Agreement</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>On December 11, 2001, the Company, the S&#227;o Paulo State Government (through the State Department of Finance Affairs, currently Department of Finance) and the Water and Electricity Department (DAEE), with the intermediation of the State Department of Sanitation and Energy (former Department of Water Resources, Sanitation and Construction Works), entered into the Obligations, Payment Commitment and Other Covenants Acknowledgement and Consolidation Agreement ("GESP Agreement") for the settlement of outstanding debts between GESP and the Company related to sanitation services and to the retirement benefits</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In view of the strategic importance of the Taia&#231;upeba, Jundia&#237;, Biritiba, Paraitinga and Ponte Nova reservoirs (&#8220;Reservoirs&#8221;) for ensuring and maintaining the Alto Tiet&#234; water volume, the Company agreed to receive them as partial repayment of the reimbursement related to the benefits. DAEE would transfer the reservoirs to the Company, replacing the amount owed by GESP. However, the S&#227;o Paulo State Public Prosecution Office challenges the legal validity of this agreement, and its main argument is the lack of bidding and the absence of a specific legislative authorization for disposal of DAEE's assets.&nbsp; There is an unfavorable decision to SABESP not yet unappealable. See additional information in item </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(iv) below. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>On March 22, 2004, the Company signed the first amendment to the GESP Agreement, settling the amounts due by the S&#227;o Paulo State Government for water supply and sewage services provided, monetarily adjusted through February 2004, and formally authorizing the offset of amounts due by the S&#227;o Paulo State Government with interest on capital declared by the Company and any other debt owed to the S&#227;o Paulo State Government </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>as of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia> December 31, 2003, monetarily adjusted through February 2004; and defining the payment conditions of the remaining liabilities of the S&#227;o Paulo State Government for the receipt of the water supply and sewage services</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>On December 28, 2007, the Company and the S&#227;o Paulo State Government, represented by the Department of Finance, signed the second amendment to the terms of the original GESP Agreement, agreeing upon the payment in installments of the remaining balance of the First Amendment. In December 2012 the last installment was paid</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>On November 17, 2008, GESP, SABESP and DAEE signed the third amendment to the GESP Agreement, through which GESP recognized a debt balance payable to SABESP of R$ 915,251, monetarily adjusted for inflation until September 2008 in accordance with the fluctuation of the IPCA-IBGE, corresponding to the Undisputed Reimbursement, determined by FIPECAFI. SABESP accepted the reservoirs, on a provisional basis, as part of the payment of the Undisputed Reimbursement and offered GESP a provisional settlement, recognizing a financial credit of R$ 696,283, corresponding to the value of the reservoirs in the Alto Tiet&#234; system</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>. The remaining debtor balance of R$&nbsp;218,967 was totally paid in 2018. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company had not recognized in its financial statements the reimbursement receivable of R$ 696,283 related to the reservoirs, as it is not virtually certain that they will be transferred by the State Government. In March 2015, SABESP and GESP entered into an agreement to pay the reservoirs, totaling R$ 696,283 (more information in item (iv) of this note</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>). </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In addition, the third amendment provides for the regularization of the monthly flow of benefits. While SABESP is liable for the flow of monthly payments, the State shall reimburse SABESP based on the criteria identical to those applied when determining the Undisputed Reimbursement. Should there be no preventive court decision, the State will assume the flow of monthly payment of the portion considered as undisputed.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Agreement with the S&#227;o Paulo State Government entered into in </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>2015</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>On March 18, 2015, the Company, the S&#227;o Paulo State and the Department of Water and Electricity (DAEE), and the Sanitation and Water Resources Department as the intervening party, entered into as Agreement in the amount of R$ 1,012,310, R$ 696,283 of which corresponds to the principal of the Undisputed Amount mentioned in item (v) and R$ 316,027 corresponds to the inflation adjustment of the principal until February 2015.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Principal Amount will be paid in 180 installments, as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 57.55pt; TEXT-INDENT: -11.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The first 24 installments were settled by immediately transferring 2,221,000 preferred shares issued by Companhia de Transmiss&#227;o de Energia El&#233;trica Paulista (CTEEP), totaling R$ 87,174, based on the share closing price of March 17, 2015; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 57.55pt; TEXT-INDENT: -11.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The amount of R$ 609,109, payable in 156 monthly installments, was adjusted by the Extended Consumer Price Index (IPCA) until the initial payment date, i.e. April 5, 2017. As of this date, installments are being adjusted by IPCA plus simple interest of 0.5% per month. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Considering that the lawsuit that objects the possibility of transferring the reservoirs is pending final and unappealable court decision, the agreement also provides for the following situations:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 57.55pt; TEXT-INDENT: -11.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>If transfer is possible and the reservoirs are effectively transferred to SABESP and registered at the notary&#8217;s office, SABESP will reimburse to the State the amounts paid in replacement of reservoirs (Principal Amount) in 60 monthly installments adjusted by IPCA until the date of payment of each installment; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 57.55pt; TEXT-INDENT: -11.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>If the transfer of the reservoirs is not possible, the State will pay to SABESP, in addition to the Principal Amount, the inflation adjustment credit of R$ 316,027 in 60 installments, beginning after the Principal Amount installment payment is made. The amount will be adjusted by IPCA to the initial date of the payments and, as of this date, IPCA will be incurred plus 0.5% simple interest rates per month over the amount of each installment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The accounting impacts of the agreement generated a debit of R$ 696,283 in accounts receivable from related parties and a credit in the same amount in administrative expenses on the transaction date. As of December 31, 2018, the balance receivable totaled R$&nbsp;62,520 in current assets (R$&nbsp;54,379 as of December 31, 2017) and R$&nbsp;652,057 in noncurrent assets (R$&nbsp;611,762 as of December 31, 2017) and CTEEP shares were disposed of on April 20, 2016, for R$&nbsp;111.1 million.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(v) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Disputed Amount of Benefits</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As already mentioned, on November 17, 2008 the Company and the State signed the third amendment to the GESP Agreement, when the reimbursements called disputed and undisputed were quantified. The amendment established the efforts to calculate the so-called Disputed Reimbursement of the Benefits. Under the fourth clause of the amendment, the Disputed Reimbursement represents the difference between the Undisputable Reimbursement and the amount actually paid by the Company as pension benefits and pensioners set out in Law 4,819/58, for which, the Company understands, the S&#227;o Paulo </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>State </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>is originally liable, but paid by SABESP under a court order</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>By entering into the Third Amendment, the State's Legal Representative (PGE) agreed to reassess the differences that gave rise to the Disputed Amount of benefits set out in Law 4,819/58. At the time, the expectation was based on the willingness of the PGE to reanalyze the issue and the implied right of the Company to the reimbursement, including based on opinions from outside legal advisors</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>However, the recent opinions issued by the PGE and received on September 4 and 22, 2009 and January 4, 2010 refute the reimbursement of the portion previously defined as Disputed Amount</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Even though the negotiations with the State are still in progress, it is not possible to assure that the Company will recover the disputed receivables without dispute</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As part of the actions intended to recover the receivables that management considers due by the State, related to discrepancies in the reimbursement of the pension benefits paid by the Company, SABESP:&nbsp; (i) on March 24, 2010, reported to the controlling shareholder the official letter approved by the executive committee, proposing that the matter be discussed at B3&#8217;s Arbitration Chamber; (ii) in June 2010, presented to Department of Finance a proposal to solve the outstanding items, but such proposal was not accepted; (iii) on November 9, 2010, filed a judicial action against the S&#227;o Paulo </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>State </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>pleading the entire reimbursement related to employee benefits set out in Law 4,819/58 to finalize the discussion between the Company and GESP. Despite the legal proceeding, the Company will persist to obtain an agreement with GESP since Management believes that it is the best solution to the Company and its shareholders than wait until the end of the lawsuit</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company's Management decided to </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>record allowance for losses of amounts receivables from the State for loss; as of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia> December 31, 2018 and 2017</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>, the amounts related to the pension plan benefits paid and recorded as allowance for doubtful accounts totaled R$&nbsp;1,107,104 and R$ 1,021,657, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As a result, the Company also recognized the actuarial obligation related to the pension benefit obligations maintained with the beneficiaries, retirees and pensioners of the G0 Plan. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018 and 2017, the pension benefit obligations of the G0 Plan totaled R$ 2,606,107 and R$ 2,543,877, respectively.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia> For more information on the pension benefit obligations refer to Note </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>21 (b) (iii).</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Use of reservoirs - EMAE&nbsp; </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Empresa Metropolitana de &#193;guas e Energia S.A. - EMAE planned to receive for the credit and obtain financial compensation for alleged past and future losses in electricity generation, due to water collection, and compensation for costs already incurred and to be incurred with the operation, maintenance and inspection of the Guarapiranga and Billings reservoirs used by SABESP in its operations.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Several lawsuits were filed by EMAE. An arbitration proceeding was in progress related to the Guarapiranga reservoir and a lawsuit related to the Billings reservoir, both pleading for financial compensation due to SABESP&#8217;s water collection for public supply, alleging that this conduct has been causing permanent and growing loss in the capacity of generating electricity of Henry Borden hydroelectric power plant with financial losses.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of October 28, 2016, the Company entered into an agreement based on a Private Transaction Agreement and Other Adjustments aimed to fully and completely settle the disputes involving the two companies. As of October 19, 2017, the conditions precedent were complied with and the agreement came into effect.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>According to the Private Transaction Agreement and Other Adjustments, the payments were established as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>- R$</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 110%" face=Arial,sans-serif>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>6,610 annually, adjusted for inflation, as of the execution date of this instrument, by the IPCA or any other index that may replace it, by the last business day of October of each fiscal year,&nbsp; with (i) the first of&nbsp; such annual payments due up to the last business day of October 2017 and (ii) the last payment due up to the last business day of October 2042; and </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>- R$&nbsp;46,270, in five annual and successive installments, adjusted for inflation by the IPCA or any other index that may replace it, with the first installment of R$ 9,254 due on April 30, 2017 and the subsequent ones in four (4) installments of same amount, adjusted for inflation, due on every April 30 of the subsequent years, or on the first subsequent business day.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>By entering into the Agreement, all litigation between the parties will cease permanently and the Company will continue using the reservoirs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In addition to the lawsuits that were part of the Agreement, on April 11, 2016, SABESP was named in the indemnification proceeding commenced by EMAE&#8217;s minority shareholders, who claimed compensation for damages suffered by EMAE, based on the amounts that the latter did not earn due to the decrease in the outflow of these reservoirs and in the generation of electricity as a result of the use of water of the Billings and Guarapiranga reservoirs by SABESP, and also requested that SABESP be sentenced to reimburse the loss of profits related to EMAE&#8217;s unearned amounts resulting from the fact that water was not pumped from the Pinheiros and Tiet&#234; Rivers to the Henry Borden hydroelectric power plant.&nbsp; In summary, the company claims&nbsp; that the S&#227;o Paulo State, in its capacity as controlling shareholder of EMAE, has acted unduly to EMAE&#8217;s detriment and in favor of SABESP&#8217;s interests by allowing and consenting water intake from the Billings and Guarapiranga reservoirs, in detriment to the output of these reservoirs and generation of electricity by EMAE, without the necessary financial compensation, making impracticable the satisfactory use of the Henry Borden hydroelectric power plant</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>. The lawsuit is in evidentiary stage.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of August 7, 2017, the Company was once again served with process in a citizen suit filed by Alvaro Luiz de Lima de Alvares Otero against ANEEL, EMAE and SABESP requesting the annulment of ANEEL order, which consents to the above transaction. The plaintiff claims that the act is illegal and harmful, compromises the operational feasibility of the Henry Borden hydroelectric power plant and jeopardizes the energy security of the S&#227;o Paulo State, the Southeast region and Brazil. Finally, the plaintiff requests SABESP to indemnify EMAE, at an amount to be calculated. The suit was extinguished without judgment of merit. An appeal was lodged by the author awaiting judgment by the Court of Justice.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The agreement entered into with EMAE will not necessarily settle these lawsuits.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>the Company recorded R$16,055 and R$90,518 in Other Liabilities, under current&nbsp; and noncurrent liabilities, respectively. In 2018, the Company paid the amount of R$ 16,622</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agreements with reduced tariffs with State and Municipal Government Entities that joined the Rational Water Use Program</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(PURA) </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company has signed agreements with government entities related to the State Government and municipalities where it operates that benefit from a reduction of 25% in the tariff of water supply and sewage services when they are not in default. These agreements provide for the implementation of the rational water use program, which takes into consideration the reduction in water consumption.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantees</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The State Government provides guarantees for some of the Company&#8217;s borrowings and financing and does not charge any fee for such guarantees.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(e)&nbsp;&nbsp;&nbsp;&nbsp; Personnel assignment agreement among entities related to the State Government</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company has personnel assignment agreements with entities related to the State Government, whose expenses </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>are fully charged. In 2018, the expenses related to employees assigned by SABESP to other state government entities amounted to </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>R$&nbsp;8,903 (R$&nbsp;9,853 in 2017).</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2018, expenses with employees from other entities at the disposal of the Company totaled R$&nbsp;116. There were no expenses related to personnel assigned by other entities to the Company in 2017.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services obtained from state government entities</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018 and 2017, SABESP had outstanding amounts payable of R$&nbsp;8,694 and R$&nbsp;1,367, respectively, for services rendered by S&#227;o Paulo State Government entities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-operating assets</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018 and 2017, the Company had an amount of R$&nbsp;969 related to a free land lent to DAEE (Department of Water and Electricity).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabesprev&nbsp;&nbsp;&nbsp; </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company sponsors health plans managed by Sabesprev, according to Note 21 (a).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company sponsors a private defined benefit pension plan, which is operated and administered by Sabesprev. The net actuarial liability recognized as of December 31, 2018 amounted to R$ 363,902 (R$ 388,461 as of December 31, 2017), according to Note 21 (b) (i).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation of Management Key Personnel</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>- Compensation:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>SABESP's compensation policy for Management is set out according to guidelines of the S&#227;o Paulo State Government, issued by the CODEC (State Capital protection Board), and is based on performance, market competitiveness, or other indicators related to the Company's business, and is subject to approval by shareholders at an Annual Shareholders' Meeting</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Executive Officers&#8217; fees are also defined by government authorities. Management and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Fiscal Council&#8217;s compensation is equivalent to 30% and 20%, respectively, of the Executive Officers&#8217; fee, contingent on attendance of at least one monthly meeting</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The objective of the compensation policy is to set a management paradigm equivalent to the private sector to retain its staff and recruit competent, experienced and motivated professionals, considering the level of management efficiency currently required by the Company</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In addition to the monthly fee, the members of the Board of Directors, Fiscal Council and the Board of Executive Officers receive annual reward equivalent to a monthly fee, calculated on a prorated basis in December of each year.&nbsp; The purpose of this reward is to correspond to the thirteenth salary paid to the Company&#8217;s employees, as officers and directors' relationship with the Company is governed by its bylaws and not the labor code</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Benefits paid only to Statutory Officers - meal ticket, basket of food staples, medical care, annual paid rest typified as a paid leave of 30 calendar days, and payment of a premium equivalent to one third of the monthly fee and bonuses</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>SABESP pays bonuses for the purposes of compensating Executive Officers, in accordance with the guidelines of the S&#227;o Paulo State government, as an incentive policy, as long as the Company records quarterly, semiannual and yearly profits, and distributes mandatory dividends to shareholders, even if in the form of interest on capital. Annual bonuses cannot exceed six times the monthly compensation of the officers/directors or 10 % of the interest on capital paid by the Company, prevailing the shortest amount. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Expenses related to the compensation to the members of its Board of Directors, Fiscal Council and Board of Executive Officers totaled R$ 4,077 and R$ 3,813 in 2018 and 2017, respectively. An additional amount of R$ 538, related to the bonus program, was recorded in 2018 (R$ 556 in 2017</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(j) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Loan agreement through credit facility</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company holds interest in certain Special Purpose Entities (SPEs), not holding the majority interest but with cast vote and power of veto in some issues, with no ability to use such power of veto in a way to affect returns over investments. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Therefore, these SPEs are considered for accounting purposes as jointly arrangements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company entered into a loan agreement through credit facility with the SPEs Aquapolo Ambiental S.A. and Attend Ambiental S.A. to finance the operations of these companies, until the borrowings and financing requested with financial institutions is granted.</FONT></P>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>SPE</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Principal </FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Interest rate</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Total</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Interest rare</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Maturity</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Aquapolo Ambiental</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>19,000</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>13,857</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>32,857</FONT></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>CDI + 1.2% p.a.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(i)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 0in 2.85pt 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Total</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>19,000</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>13,857</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>32,857</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt; TEXT-INDENT: -19.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The loan agreement</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> originally matured on April 30, 2015 but was extended to October 30, 2015. On November 25, 2015, a new amendment changed the payment schedule for three annual installments, the first of which maturing on December 30, 2021 and the last on December 30, 2023.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>115</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018, the balance of principal and interest of this agreement was R$&nbsp;32,857, recorded in noncurrent assets, under &#8220;Other Accounts Receivables&#8221; (R$&nbsp;50,617 as of December 31, 2017). In 2018, the financial income recognized was R$&nbsp;2,772 (R$&nbsp;5,017 in 2017).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>On December 31, 2017, there was an outstanding agreement totaling R$&nbsp;10,838, which was fully settled on December 21, 2018.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Regarding the agreement entered into with Attend, in the amount of R$&nbsp;5,400, which had been overdue since June 2015, an allowance for doubtful accounts of R$&nbsp;9,596 was recorded, as a renegotiation agreement was not reached.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8220;Se Liga na Rede&#8221; (Connect to the Network Program)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The State Government enacted the State Law 14,687/12, creating the pro-connection program, destined to financially subsidize the execution of household branches necessary to connect to the sewage collecting networks, in low-income households, which agreed to adhere to the program. The program expenditures, except for indirect costs, construction margin and borrowing costs are financed with 80% of funds deriving from the State Government and the remaining 20% invested by SABESP, which is also liable for the execution of works. Until December 31, 2018, the program total amount was R$ 100,928 (R$ 82,697 as of December 31, 2017); as of December 31, 2018 and 2017, there was no balance receivable from related parties. As of December 31, 2018, R$ 49,919 (R$ 35,068 as of December 31, 2017) was recorded under intangible assets. R$ 51,009 was reimbursed by GESP (R$ 47,629 as of December 31, 2017) from the beginning of the program until December 31, 2018.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water National Agency (ANA)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company has agreements executed within the scope of the Hydrographic Basin Depollution Program (PRODES), also known as "Treated Sewage Purchase Program ".</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>This program does not finance works or equipment, but remunerates based on results achieved, i.e., by effectively treated sewage. In this program, the Water National Agency (ANA) makes available funds, which are restricted to a specific current account and applied in investment funds at the Brazilian Federal Savings Banks (CEF), until the fulfillment of treated sewage volume is evidenced, as well as the reduction of polluting cargoes of each agreement. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>When resources are made available, liabilities are recorded until funds are released by ANA. After the evidence of targets stipulated in each contract, the revenue deriving from these funds is recognized, but if these targets are not met, funds will return to the National Treasury with the appropriate funds&#8217; earnings. As of December 31, 2018, the balances of assets and liabilities totaled R$ 49,136 (R$ 70,487 as of December 31, 2017), and the liability is recorded in "other liabilities" under noncurrent liabilities. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>11<FONT style="FONT-SIZE: 11pt" face=Georgia>6</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company holds interest in certain Special Purpose Entities (SPE). Although SABESP has no majority shares of its investees, the shareholders&#8217; agreement provides for the power of veto in certain management issues, however, with no ability to use such power of veto in a way to affect returns over investments, indicating participating shared control (joint venture &#8211; CPC 19(R2)).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company holds interest valued by the equity accounting in the following investees:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>Sesamm</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of August 15, 2008, the Company, together with </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>GS Inima Brasil Ltda (&#8220;GS Inima&#8221;), successor of T&#233;cnicas y Gestion Medioambiental S.A.U. (&#8220;TGM&#8221;) and GS Inima Environment S/A (currently OHL Medio Ambiente); and Estudos T&#233;cnicos e Projetos ETEP Ltda. (&#8220;ETEP&#8221;), succeeded by ECS Opera&#231;&#245;es e Participa&#231;&#245;es Ltda (&#8220;ECS&#8221;), incorporated Sesamm &#8211; Servi&#231;os de Saneamento de Mogi Mirim S/A </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>for a period of 30 years from the date the concession agreement with the municipality for the purpose of providing complementary services to the sewage diversion system and implementing and operating sewage treatment system in the municipality of Mogi Mirim, including the disposal of solid waste</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>Sesamm's capital as of December 31, 2018, totaled R$ 19,532, and was represented by 19,532,409 registered common shares with no par value. SABESP holds a 36% interest, GS Inima 57% and ECS 7%. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The operations initiated in June </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>2012.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>&#193;guas de Andradina</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>As of September 15, 2010, the Company, together with Companhia de &#193;guas do Brasil &#8211; Cab Ambiental, currently Igu&#225; Saneamento S/A (&#8220;Igu&#225;&#8221;), incorporated &#193;guas de Andradina S.A., with indefinite term, for the purpose of providing water supply and sewage services to the municipality of Andradina.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2018, the capital of &#193;guas de Andradina totaled R$ 17,948, divided into 17,936,174 registered common shares with no par value. SABESP holds 30% of its equity interest and Igu&#225; 70%.&nbsp; The amount of R$ 12 is recorded under investee&#8217;s equity, as advance for future capital increase</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of April 26, 2016, the Annual and Extraordinary Shareholders&#8217; Meeting approved a capital increase in the amount of R$ 2,290 upon the issue of 2,289,796 new registered common shares with no par value, fully subscribed and paid-in, R$ 573 of which using the minimum mandatory dividends and R$ 1,717 corresponding to additional dividends, both arising from the profit recorded in 2015.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2018, the Company contributed R$&nbsp;910 in the investee, by issuing 910,006 registered common shares with no par value, subscribed and paid-in. This amount was recorded in current assets, under &#8220;Other receivables&#8221; and was reclassified to investments.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of May 4, 2018, the Annual and Extraordinary Shareholders&#8217; Meeting approved the capital increase, in the amount of R$&nbsp;1,062, through the issue of 1,061,935 new registered common shares with no par value, fully subscribed and paid-in, upon capitalization of the credits held by the shareholders due to the distribution of dividends. The Company holds a 30% interest of this capital increase.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>The Company pledges as </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>guarantee</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia> 100% of its shares in &#193;guas de Andradina.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The operations initiated in October 2010</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>&#193;guas de Castilho</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>As of October 29, 2010, the Company, together with &#193;guas do Brasil &#8211; Cab Ambiental, currently Igu&#225; Saneamento S/A (&#8220;Igu&#225;&#8221;), incorporated &#193;guas de Castilho, for the purpose of providing water supply and sewage services to the municipality of Castilho. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2018, the company&#8217;s capital stock was R$ 2,785, and was represented by 2,785,227 registered shares with no par value. SABESP holds a 30% interest</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> and Igu&#225; 70%.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> April 26, 2016, the Annual and Extraordinary Shareholders&#8217; Meeting approved a capital increase in the amount of R$ 740 upon the issue of 740 new registered common shares with no par value, fully subscribed and paid-in, R$ 184 of which using the minimum mandatory dividends and R$ 556 corresponding to additional dividends, both arising from the profit recorded in 2015.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2018, the Company contributed R$&nbsp;61 to the investee, by issuing 61,000 registered common shares with no par value, subscribed and paid-in. This amount was recorded in current assets, under &#8220;Other receivables&#8221; and was reclassified to investments.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> May 4, 2018, the Annual and Extraordinary Shareholders&#8217; Meeting approved the capital increase, in the amount of R$&nbsp;222, through the issue of 221,613 new registered common shares with no par value, fully subscribed and paid-in, upon capitalization of the credits held by the shareholders due to the distribution of dividends. The Company holds a 30% interest of this capital increase.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>The Company pledges as collateral 100% of its shares in &#193;guas de Castilho.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The operations initiated in January 2011</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>Saneaqua Mairinque</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of June 14, 2010, the Company, together with BRK Ambiental Participa&#231;&#245;es S/A (&#8220;BRK&#8221;) currently Odebrecht Utilities S/A, former Foz do Brasil S.A., incorporated Saneaqua Mairinque S/A, with indefinite term, for the purpose of exploring water supply and sewage services of the municipality of Mairinque</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> December 31, 2018, the capital of Saneaqua Mairinque totaled R$&nbsp;4,183, represented by 3,141,239 registered common shares with no par value. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>SABESP holds a 30% interest </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>and BRK 70%. In 2018, the investee received capital contribution of R$&nbsp;2,183, by issuing 1,141,239 new registered common shares with no par value, which was recorded as advance for future capital increase in its noncurrent liabilities in 2017.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>The Company pledges as </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>guarantee</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia> 100% of its shares in Saneaqua Mairinque.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The operations initiated in October 2010</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>Attend Ambiental</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>As of August 23, 2010, SABESP, together with Companhia Estre Ambiental S.A. (&#8220;Estre&#8221;), incorporated Attend Ambiental S.A., for constructing and operating a pretreatment of non-domestic effluent station, sludge transportation and related services in the city of S&#227;o Paulo as well as implement similar structures in other areas in Brazil and abroad. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>As of December 31, 2018, the capital totaled R$ 13,400, and was represented by 13,400,000 registered common shares with no par value. SABESP holds a 45% interest and Estre 55%. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The operations initiated in December</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> 2014.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>Aquapolo Ambiental S/A</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>As of October 8, 2009, the Company, together with Odebrecht Utilities S/A, formerly Foz do Brasil S.A., incorporated Aquapolo Ambiental S.A., for the purpose of producing, providing and trading reused water for Quattor Qu&#237;mica S.A., Quattor Petroqu&#237;mica S.A., Quattor Participa&#231;&#245;es S.A. and other companies comprising the Petrochemical Complex.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>As of December 31, 2018, the capital of Aquapolo totaled R$ 36,412, and was represented by 42,419,045 registered common shares with no par value. SABESP holds 49% of its equity interest</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>. On December 29, 2016, Odebrecht Utilities S/A transferred to Odebrecht Ambiental Participa&#231;&#245;es em Neg&#243;cios Industriais S/A (&#8220;OAPNI&#8221;) all its shares and control and the latter now holds 51% of the shares.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>The Company pledges as </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>guarantee</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia> 100% of its shares in Aquapolo Ambiental S/A.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The operations initiated in October 2012</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>Paulista Geradora de Energia</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>As of April 13, 2015, the Company acquired shares from Empresa Paulista Geradora de Energia S/A - PGE, jointly with Servtec Investimentos e Participa&#231;&#245;es Ltda ("Servtec) and Tecniplan Engenharia e Com&#233;rcio Ltda ("Tecniplan"), which operational purpose is the implementation and commercial exploration of water potential in small hydroelectric power plants (SHPPs), located at the Guara&#250; and Vertedouro Cascata Water Treatment Stations.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>As of December 31, 2018, the capital stock of Paulista Geradora de Energia was R$ 8,679, represented by 8,679,040 registered common shares with no par value, in which SABESP holds a 25% interest, Servtec holds 37.5% and Tecniplan 37.5%.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>As of December 31, 2018, operations had not initiated yet.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Below is a summary of the investees&#8217; financial information and SABESP&#8217;s equity interest</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Sesamm</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>43,547</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>39,262</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(1,336)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>5,621</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,707</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>&#193;guas de Andradina</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>24,832</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>19,392</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>3,033</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,425</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(18)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>4,471</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>&#193;guas de Castilho</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>6,084</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>4,880</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>203</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,060</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(59)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>933</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Saneaqua Mairinque</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>5,720</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>4,327</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,183</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(478)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(312)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>390</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Attend Ambiental</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,426</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>5,169</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(4,731)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>988</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,324</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Aquapolo Ambiental</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>30,170</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>18,757</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>11,410</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>3</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>6,470</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Paulista Geradora de Energia </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>7,625 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>8,447</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(448)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(374)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(22)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>120</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=2>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>Investments</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>Capital increase</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>Dividends distributed</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" colSpan=3>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>Equity </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>result</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=2>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>Interest </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>percentage</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>(*)</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Sesamm</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>15,677</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>14,135</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(481)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,023</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>975</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>36%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>36%</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>&#193;guas de Andradina </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>7,450</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>5,818</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>910</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>727</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(5)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>729</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>30%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>30%</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>&#193;guas de Castilho</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,826</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,465</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>61</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>318</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(18)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>287</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>30%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>30%</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Saneaqua Mairinque</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,716</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,298</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>655</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(143)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(94)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>71</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>30%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>30%</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Attend Ambiental</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>642</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,326</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(2,129)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>445</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>560</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>45%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>45%</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Aquapolo Ambiental</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>14,783</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>9,191</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>5,591</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>3,144</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>49%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>49%</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Paulista Geradora de Energia</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,905</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,111</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(112)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(94)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(6)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>25%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>25%</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>43,999</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>36,344</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,626</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(481)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>6,275</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>235</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>5,760</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Other investments</FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>588</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>588</FONT></P></DIV></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Overall total </FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>44,587</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>36,932</FONT></P></DIV></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;(*) Refer to changes in the equity of investees, as their financial statements for the year ended December 31, 2017 were issued, including some adjustments, after the Company&#8217;s financial statements.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>121</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment properties</FONT></B></P></DIV>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>Write-offs and disposals</FONT></B></P></DIV></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>Investment properties</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>57,652</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>(9,995)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>13</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>(50)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>47,620</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>57,652</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>(9,995)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>13</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>(50)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>47,620</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>Write-offs and disposals</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>Depreciation</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="29%">

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

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

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

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

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

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

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

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>Investment properties</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>57,968</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>(244)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>(72)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>57,652</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>57,968</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>(244)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>(72)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>57,652</FONT></P></DIV></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018 and 2017, the market value of these properties was approximately R$&nbsp;386,000 and R$&nbsp;402,000, respectively.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract asset</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Contract asset (works in progress) is the right to consideration in exchange for goods or services transferred to customers. As established by CPC 47 &#8211; Revenue from contract with customer, assets related to the concession under construction, recorded under the scope of ICPC 01 (R1) &#8211; Concession Agreements, should be classified as contract asset during the construction period and transferred to intangible assets </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>only after completion of the works</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>A contract asset is initially designated at fair value and includes borrowing costs capitalized during the period when the asset is under construction, based on the weighted average rate of borrowings in effect on the capitalization date, as described in Note 3.12.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>122</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>January 1, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Additions</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Contract renewal</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Transfers of works</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2018</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Contract asset arising from:</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Agreements &#8211; equity value</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,303,552</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>367,199</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(284,856)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(475,481)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>910,414</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Agreements &#8211; economic value</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>233,361</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>111,703</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(96,676)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>248,388</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Program contracts </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,809,257</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>806,554</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>284,856</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(676,695)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,223,972</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Services contracts &#8211; S&#227;o Paulo</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>6,733,732</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,788,210</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(4,867,158)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>3,654,784</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Software license</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>533</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>52,183</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(52,700)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>16</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Inventories</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>298,340</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>63,075</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>361,415</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Advance to suppliers</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>8,940</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>19</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>8,959</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>10,387,715</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>3,188,943</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(6,168,710)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>7,407,948</FONT></P></DIV></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of financial position details&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%" colSpan=3 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%" colSpan=3 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Cost</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Accumulated amortization</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Net</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Cost</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Accumulated amortization</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Net</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Intangible right arising from:</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Agreements &#8211; equity value</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>5,465,206</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(1,391,862)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>4,073,344</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>8,893,296</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(1,751,682)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>7,141,614</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Agreements &#8211; economic value </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,948,255</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(716,246)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,232,009</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,068,402</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(634,465)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,433,937</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Program contracts </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>12,710,937</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(3,933,008)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>8,777,929</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>10,653,292</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(3,058,226)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>7,595,066</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Program contracts &#8211; commitments </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,320,106</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(240,555)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,079,551</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,113,160</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(202,785)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>910,375</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Services contracts &#8211; S&#227;o Paulo</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>17,474,797</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(4,083,345)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>13,391,452</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>19,388,751</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(3,471,736)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>15,917,015</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Software license</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>748,962</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(290,787)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>458,175</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>688,712</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(220,587)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>468,125</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>39,668,263</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(10,655,803)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>29,012,460</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>42,805,613</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(9,339,481)</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>33,466,132</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes</FONT></B></P>

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   <P style="MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>Transfer to contract asset</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>Additions</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>Contract renewal</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>Transfer of works</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>Transfers</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>Write-offs and disposals</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>Amortization</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2018</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Intangible right arising from: </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Agreements &#8211; equity value&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>7,141,614</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(1,427,046)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>93</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(1,935,780)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>499,002</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(5,268)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(1,406)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(197,865)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>4,073,344</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Agreements &#8211; economic value&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,433,937</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(233,361)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>373</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>114,442</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>88</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(1,031)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(82,439)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,232,009</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Program contracts </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>7,595,066</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(2,019,461)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>928,818</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,935,780</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>681,742</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>3,011</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(7,616)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(339,411)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>8,777,929</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Program contracts &#8211; commitments&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>910,375</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>206,946</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(37,770)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,079,551</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Services contracts &#8211; S&#227;o Paulo </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>15,917,015</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(6,707,847)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>3,724</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>4,818,734</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>12</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(14,813)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(625,373)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>13,391,452</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 1pt 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Software license </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>468,125 </FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>4,774</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>54,790</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>686</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(70,200)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>458,175</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 1pt 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Total </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>33,466,132 </FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(10,387,715)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,144,728</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>6,168,710</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(1,471)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(24,866)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(1,353,058)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>29,012,460</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>Additions</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>Contract renewal</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>Reversal of estimated losses</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>Transfers</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>(i)</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>Write-offs and disposals</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>Amortization</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Intangible right arising from: </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Agreements &#8211; equity value&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>7,482,955</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>374,775</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(531,818)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,078</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,663</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(2,795)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(185,244)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>7,141,614</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Agreements &#8211; economic value&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,381,652</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>142,429</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>8</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,604</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(1,163)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(91,593)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,433,937</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Program contracts </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>6,576,021</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>772,278</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>531,818</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>4,834</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(1,784)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(6,606)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(281,495)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>7,595,066</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Program contracts &#8211; commitments&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>823,216</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>121,313</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(34,154)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>910,375 </FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Services contracts &#8211; S&#227;o Paulo </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>14,552,707</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,976,079</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>6,460</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(18,346)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(13,848)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(586,037)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>15,917,015</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 1pt 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Software license </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>430,237</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>103,424</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>6,489</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(72,025)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>468,125 </FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Total </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>31,246,788</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>3,490,298</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>13,380</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(9,374)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

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

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(1,250,548)</FONT></P></DIV></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i) As of December 31, 2017, the Company reclassified R$&nbsp;24,071 corresponding to the intangible assets of &#193;lvares Florence, Emba&#250;ba, Ara&#231;oiaba da Serra, Itapira and Tuiuti to indemnities receivable, in noncurrent assets, which have full allowance for losses.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2018, the Company renewed program contracts with the municipalities of Angatuba, Arandu, Assis, Cachoeira Paulista, Carapicu&#237;ba, G&#225;lia, Guararema, Itirapu&#227;, Mon&#231;&#245;es, Monte Mor, Piraju, Po&#225;, Praia Grande, Queluz, Sales&#243;polis, S&#227;o Vicente and Terra Roxa. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company also started operations in the municipality of Saltinho. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In December 2018, the Company signed a contract with the municipalities of Guarulhos and Agua&#237;, to begin operating in January and June 2019, respectively.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>All these contracts are valid for 30 years, except for the contract signed with Guarulhos, which is valid for 40 years. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Intangible rights arising from concession agreements</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" color=black face=georgia>The Company operates public service concession agreements for water supply and sewage services mostly based on agreements that set out rights and obligations corresponding to the exploration of assets related to public services (See Note 3.8 (a)). A general obligation also exists to return the concession infrastructure to the concession grantor in good working condition at the end of the concession.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2018, the Company operated in 369 municipalities in the S&#227;o Paulo </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>State </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(368 on December 31, 2017).&nbsp; Most of these contracts have a 30-year concession period. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The services provided by the Company are billed at a price regulated and controlled by S&#227;o Paulo State Sanitation and Energy Regulatory Agency (ARSESP).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Intangible rights arising from concession agreements include</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i) &nbsp;&nbsp;&nbsp;&nbsp;Concession agreements &#8211; equity value</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>These refer to municipalities assumed until 2006, except for the municipalities assumed by economic value through assets valuation report prepared by independent experts. The amortization of assets is calculated according to the straight-line method, which considers the assets useful life</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Concession agreements &#8211; economic value</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>From 1999 through 2006, the negotiations for new concessions were conducted based on the economic and financial result of the transaction, determined in a valuation report issued by independent appraisers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The amount determined in the related contract, after the transaction is closed with the municipal authorities, realized through the subscription of the Company's shares or in cash, is recorded as "concession agreements" and amortized over the period of the related concession (usually 30 years). As of December 31, 2018 and 2017 there were no amounts pending related to these payments to the municipalities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Intangible assets are amortized on a straight-line basis over the period of the concession agreements or for the useful lives of the underlying assets, whichever is shorter</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(iii) &nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Program contracts</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>These refer to the renewal of contracts previously referred to as concession agreements whose purpose is to provide sanitation services. The amortization of the assets acquired until the dates of signatures of program contracts is calculated according to the straight-line method, which considers the assets&#8217; useful lives. Assets acquired or built after the signature dates of program contracts are amortized during the contracted period (most of which for 30 years) or during the useful lives of underlying assets, whichever is shorter</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(iv) &nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Program contracts - Commitments</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>After the enactment of the regulatory framework in 2007, renewals of concessions started to be made through program contracts. In some of these program contracts, the Company undertook the commitment to financially participate in social and environmental initiatives. The assets built and financial commitments assumed within the program contracts are recorded as intangible assets and are amortized by the straight-line method in accordance with the duration of the program contract (mostly, 30 years)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018 and 2017, the amounts not yet disbursed were recorded under &#8220;program contract commitments&#8221;, in current liabilities, totaling R$&nbsp;225,291 and R$ 128,802, respectively, and in noncurrent liabilities, totaling R$&nbsp;142,314 and R$ 110,698, respectively. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In 2018, the annual rate of 8.06% (WACC) was applied to calculate the present value adjustment of these contracts</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(v)&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Service agreement with the Municipality of S&#227;o Paulo</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>On June 23, 2010, the Company entered into an agreement with the S&#227;o Paulo </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>State </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>and the Municipality of S&#227;o Paulo to regulate the water supply and sewage services in the municipality of S&#227;o Paulo for a 30-year period, extendable for another 30-year period. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Also, on June 23, 2010, the state and the municipal government signed an agreement, whereby SABESP and the Sanitation and Energy Regulatory Agency of the S&#227;o Paulo </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>State </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(&#8220;ARSESP&#8221;) are the consenting and intervening parties, whose main aspects are the following</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>1. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The State and the Municipality grant to SABESP the right to explore sanitation services in the capital of the S&#227;o Paulo</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> State</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>, which consists of the obligation to provide such service and charge the respective tariff for this service</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>2. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The State and the Municipality establish that ARSESP be the agency responsible for regulating the tariff, controlling and monitoring the services</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>;</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>3. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The evaluation model of the contract was the discounted cash flow, which considered the financial and economic sustainability of SABESP&#8217;s operations in the metropolitan region of S&#227;o Paulo</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>4. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>All operating costs, taxes, investments and the opportunity cost of SABESP&#8217;s investors and creditors were considered in the cash flow analysis</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>5. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The agreement provides for investments corresponding to 13% of gross revenue from services provided in the municipality of S&#227;o Paulo, net of the taxes on revenues. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Investment plans referring to SABESP&#8217;s execution shall be compatible with the activities and programs foreseen in the state and municipal sanitation plans, and, where applicable, the metropolitan plan. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Investment Plan is not definite and will be revised by the Managing Committee every four years, especially regarding investments to be made in the following period</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>6. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The amount transferred to the Municipal Fund of Environmental Sanitation and Infrastructure to be invested in sanitation services in the municipality must be recovered through tariff charges. This amount represents 7.5% of the total revenue from services supplied to the municipality of S&#227;o Paulo, net of the taxes on revenue and delinquency in the period, recognized in profit or loss as operating cost</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>7. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The opportunity cost of SABESP&#8217;s creditors and investors is based on the Weighted Average Cost of Capital (WACC) methodology. The WACC was the interest rate used to discount the cash flow of the operation; and</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>8. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The agreement provides for the remuneration of net assets in operation, preferably calculated through equity valuation or carrying amount adjusted for inflation, as defined by ARSESP. In addition, the agreement provides for the remuneration of investments to be made by SABESP, so that there is no residual value at the end of the agreement</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Referring to the recovery of the amount transferred to the Municipal Fund of Environmental Sanitation and Infrastructure through tariff charges, mentioned in item 6 above, in April 2013, ARSESP issued Resolution 413, postponing the application of Resolution 407 and suspending, until the conclusion of the tariff revision process, the transfer of services corresponding to municipal charges to consumers, as established in Resolution 407. The postponement of Resolution 407 was due to a request by the S&#227;o Paulo State Government to analyze, among other things, methods to reduce the impact on consumers</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of April 18, 2014, ARSESP Resolution 484 was published with the final results of SABESP&#8217;s Tariff Revision. However, both the S&#227;o Paulo Municipal Government, through Official Letter 1,309/14-SGM/GAB, and the S&#227;o Paulo State Government, through a petition filed by the S&#227;o Paulo State Office, by means of Official Letter ATG/Official Letter 092/14-CC, requested a postponement of the effects of ARSESP Resolution 413, published in the S&#227;o Paulo State Official Gazette on March 20, 2013, until the conclusion of the revision of the Agreement entered into between the S&#227;o Paulo Municipal Government, the S&#227;o Paulo State Government and SABESP.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>By means of Resolution </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>no.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> 488 of May 7, 2014, ARSESP maintained the suspension of the effectiveness of ARSESP Resolution 407, published on March 22, 2013, until the results obtained in the revision of the Agreement entered into between the S&#227;o Paulo Municipal Government, the S&#227;o Paulo State Government and SABESP postponing the authorization to transfer to consumers the amounts related to the legally established municipal fees that, by force of the Program Agreements and the Water Supply and Sewage Services Agreements, should be included in the Tariff Revision.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The agreement represents 51.52% of the total revenue of the Company as of December 31, 2018, and ensures the judicial and assets security</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The municipality of S&#227;o Paulo and the Company did not conclude an agreement to equalize financial pending issues existing until the signature date of the Agreement related to the rendering of water supply and sewage services to the real properties of the municipality, and for that reason, the Company filed a suit to collect these accounts, which are accrued for losses</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Capitalization of interest and other finance charges</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In 2018, the Company capitalized interest and inflation adjustment, including exchange rate changes, in concession intangible assets, totaling R$ 488,502, including the S&#227;o Louren&#231;o Production System and Leases (R$ 649,048 in 2017) during the construction period</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Construction margin</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company is primarily responsible for the construction and installation of the concession infrastructure, either by using its own employees or contracting third parties, and is significantly exposed to its risks and benefits. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Accordingly, the Company recognizes revenue from construction services corresponding to construction costs increased by gross margin. Generally, constructions related to the concessions are performed by third parties. In such case, the Company&#8217;s margin is lower, normally to cover administration costs and assume the responsibility for primary risks. In 2018 and 2017, the margin was 2.3%.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The construction margin for 2018 and 2017 was R$&nbsp;63,013 and R$&nbsp;70,335, respectively.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expropriations &nbsp;</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As a result of the construction of priority projects related to water and sewage systems, the Company was required to expropriate third-parties' properties, whose owners will be compensated either amicably or through courts.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Expropriation costs are recorded as concession intangible assets after the transaction is concluded. In 2018, expropriations totaled R$&nbsp;106,429 (R$&nbsp;19,576 in 2017).</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public-Private Partnership (PPP)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>SABESP carries out operations related to the PPPs mentioned below. These operations and their respective obligations and guarantees are supported by agreements executed according to Law 11,079/04.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Alto Tiet&#234; Production System </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company and the special purpose entity CAB-Sistema Produtor Alto Tiet&#234; S/A, formed by Galv&#227;o Engenharia S.A. and Companhia &#193;guas do Brasil &#8211; Cab Ambiental, signed in June 2008 the contract of public-private- partnership of Alto Tiet&#234; production system.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The contract last 15 years which purpose is to expand the capacity of treated water of Taia&#231;upeba from 10 thousand to 15 thousand of liters per second, whose operation began in October 2011</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018 and 2017, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>the amounts related to this PPP recognized in intangible asset were R$ 359,759 and R$ 371,862, respectively. In 2018 and 2017, a discount rate of 8.20% p.a. was used to calculate the adjustment to present value of the agreement</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>On a monthly basis, SABESP assigns funds from tariffs arising from the services provided to the SPE CAB Sistema Produtor Alto Tiet&#234; S/A, in the amount of R$ 10,361, corresponding to the monthly remuneration. This amount is annually adjusted by the IPC &#8211; FIPE and is recorded in a restricted account, pursuant to the contractual operating proceeding. Should SABESP comply with its monthly obligations with the SPE, the funds from the restricted account will be released</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The guarantee is effective since the beginning of the operation and will be valid until the conclusion, termination, intervention, annulment or caducity of the Administrative Concession, or other extinction events provided for in the Concession Agreement or in the law applicable to administrative concessions, including in the event of bankruptcy or dissolution of the SPE</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>S&#227;o Louren&#231;o </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Production System</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>SABESP and the special purpose entity Sistema Produtor S&#227;o Louren&#231;o S/A, composed of Constru&#231;&#245;es e Com&#233;rcio Camargo Corr&#234;a S/A and Construtora Andrade Gutierrez S/A, in August 2013 signed the public-private partnership agreements of the S&#227;o Louren&#231;o Production System</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In May 2018, the control of SPE Sistema Produtor S&#227;o Louren&#231;o S/A was transferred to CGGC Construtora do Brasil Ltda, previously composed of Constru&#231;&#245;es e Com&#233;rcio Camargo Corr&#234;a S/A and Construtora Andrade Gutierrez S/A.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The objective of the contract is: a) the construction of a water producing system, mainly consisting of a water pipeline connecting Ibi&#250;na to Barueri, a water collection station in Ibi&#250;na, a water treatment station in Vargem Grande Paulista and water reservoirs; and b) the provision of services for a 25-year term, aiming at rendering services to operate the dehydration system, drying and final disposal of sludge, maintenance and works of the S&#227;o Louren&#231;o Production System.&nbsp; Works started in April </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>2014.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The S&#227;o Louren&#231;o Production System (SPSL) PPP started operating on July 10, 2018, as per the contractual clause that allows the beginning of operations provided that system has full operating capacity, without, however implying in the acceptance of the works. Accordingly, the service provision phase began with the corresponding payment of the due considerations, together with the end of the works. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The estimated amount by inflation adjustment through December 31, 2018 is approximately </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>R$&nbsp;7.92 billion.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>After the beginning of operations, every month SABESP will transfer to the SPE Sistema Produtor S&#227;o Louren&#231;o S/A funds from tariffs arising from the services provided, in the amount of R$ 32.0 million, equivalent to the monthly remuneration plus interest and charges. The amount above will be annually reevaluated by the IPC - FIPE and should be monthly recorded in a restricted account, in accordance with the operating procedures of the agreements.&nbsp; If SABESP performs with its monthly obligations with the SPE, the funds from the restricted account will be released</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>This obligation with the SPE will become effective as of the beginning of the system&#8217;s appropriate operation, duly accepted by SABESP, valid until the occurrence of any of the following events, whichever occurs first:&nbsp; (i) the original payment date of the last installment of interest / amortization of the principal taken out by the SPE to execute the works; (ii) the end, termination, intervention, annulment, caducity of the Administrative Concession, or other extinction events provided for in the Concession Agreement or in the law applicable to administrative concessions, including bankruptcy or extinction of the SPE</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2018 and 2017, the carrying amount recorded in the Company&#8217;s intangible assets, related to this PPP, totaled R$ 3,208,464 and R$ 2,818,805, respectively. Intangible assets are accounted for based on the physical evolution of the works which, as of December 31, 2018, was approximately 96.8%, with a corresponding entry in the Public-Private Partnership (PPP) liabilities account. In 2018, a discount rate of 7.80% p.a. was used to calculate the adjustment to present value of the agreement</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The obligations assumed by the Company as of December 31, 2018 and 2017 are shown in the table below, and the increase in intangible assets and liabilities was due to the progress of works in </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>2018.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Alto Tiet&#234;</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>39,283</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>252,093</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>291,376</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>35,083</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>282,501</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>317,584</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>S&#227;o Louren&#231;o</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>98,544</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,023,204</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,121,748</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>24,924</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,728,908</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,753,832</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>137,827</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,275,297</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,413,124</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>60,007</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,011,409</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,071,416</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Works in progress</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>With the adoption of CPC 47/IFRS 15 &#8211; Revenue from contract with customer, as of January 1, 2018, assets related to the concession under construction, recorded under the scope of ICPC 01 (R1) &#8211; Concession Agreements, previously recognized as part of intangible assets, such as works in progress, were reclassified to contract asset, pursuant to Note 14, in the amount of R$&nbsp;10,387 million. As of December 31, 2017, the amount of R$ 10,387 million was recorded under intangible assets as works in progress, and, in 2017, the major projects are located in the municipalities of Paulo, Franca and Itanha&#233;m, totaling R$&nbsp;6,497 million (including R$&nbsp;2,819 million from S&#227;o Louren&#231;o PPP), R$&nbsp;253 million and R$&nbsp;208 million, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>The amortization average rate was 4.2% and 3.9%, on December 31, 2018 and 2017, respectively.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(j) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Software license of use</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>&nbsp;&nbsp;&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>The software license of use is capitalized based on the costs incurred to acquire software and make them ready for use. As of April 10, 2017, the Company implemented the Integrated Business Management System (Enterprise Resource Planning &#8211; SAP ERP), which includes the administrative/financial module. The implementation of the commercial module is in progress.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>13<FONT style="FONT-SIZE: 11pt" face=Georgia>1</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment </FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of financial position details</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

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<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%" colSpan=3 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%" colSpan=3 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Cost</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Accumulated depreciation </FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Net </FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Cost</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Accumulated depreciation </FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Net </FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Land </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>92,979</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>92,979</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>92,507</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>92,507</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Buildings</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>79,086</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(38,961)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>40,125</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>79,013</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(36,653)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>42,360</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Equipment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>372,872</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(256,786)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>116,086</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>330,753</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(226,950)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>103,803</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Transportation equipment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>11,333</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(7,860)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>3,473</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>10,862</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(7,182)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>3,680</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Furniture and fixtures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>27,250</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(13,672)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>13,578</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>24,430</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(12,614)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>11,816</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,659</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(288)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,371</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,122</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(238)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>884</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>585,179</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(317,567)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>267,612</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>538,687</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(283,637)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>255,050</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5.65pt 1pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Additions</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Transfers</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Write-offs and disposals</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Depreciation</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>December 31, 2018</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Land </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>92,507</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>472</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>92,979</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Buildings</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>42,360</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>73</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(2,308)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>40,125</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Equipment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>103,803</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>46,473</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>986</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(81)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(35,095)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>116,086</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Transportation equipment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,680</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>589</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(796)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,473</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Furniture and fixtures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>11,816</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,972</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(27)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,183)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>13,578</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>884</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>538</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(51)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,371</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>255,050</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>50,645</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,458</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(108)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(39,433)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>267,612</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>132</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5.65pt 1pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Additions</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Transfers</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Write-offs and disposals</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Depreciation</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>December 31,&nbsp; 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Land </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>92,494</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>13</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>92,507</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Buildings</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>43,262</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>86</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,358</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(2,346)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>42,360</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Equipment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>149,140</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>17,627</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(15,945)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(178)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(46,841)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>103,803</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Transportation equipment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>4,531</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(33)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(27)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(791)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,680</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Furniture and fixtures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>11,986</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,207</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(75)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(54)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,248)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>11,816</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>970</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(15)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(20)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(51)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>884</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>302,383</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>18,920</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(14,697)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(279)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(51,277)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>255,050</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company annually review the depreciation rates of buildings (3.0%); equipment (16.5%); transportation equipment (10%) and furniture and fixtures (6.8%). Land is not depreciated.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The depreciation average rates were 12.3% and 13.6%, as of December 31, 2018 and 2017, respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>13<FONT style="FONT-SIZE: 11pt" face=Georgia>3</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings and Financing</FONT></B></P></DIV>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>&nbsp;Borrowings and financing outstanding balance</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%" colSpan=3>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Financial institution</FONT></B></P></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Current</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Noncurrent</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Current</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Noncurrent</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Local currency</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

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   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;10<SUP>th</SUP> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>issue debentures</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>42,493</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>40,194</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>82,687</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>41,702</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>80,953</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>122,655</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

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   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;12<SUP>th</SUP> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>issue debentures</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia> </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>45,450</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>249,249</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>294,699</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>45,450</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>294,702</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>340,152</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

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   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;14<SUP>th</SUP> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>issue debentures</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>41,270</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>103,005</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>144,275</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>40,503</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>141,351</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>181,854</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;15<SUP>th</SUP> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>issue debentures</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>359,394</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>359,394</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>346,414</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>345,788</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>692,202</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;17<SUP>th</SUP> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>issue debentures</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>279,100</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>532,691</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>811,791</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>144,391</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>781,922</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>926,313</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;18<SUP>th</SUP> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>issue debentures</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>33,469</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>165,267</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>198,736</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>33,020</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>194,872</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>227,892</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;20<SUP>th</SUP> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>issue debentures</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>248,334</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>248,334</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>250,000</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>246,890</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>496,890</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;21<SUP>st</SUP> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>issue debentures</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>499,604</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>499,604</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>499,628</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>499,628</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;22<SUP>nd</SUP> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>issue debentures</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>756,040</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>756,040</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;Brazilian Federal Savings Bank</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>75,223</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,266,592</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,341,815</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>78,487</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,154,599</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,233,086</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;Brazilian Development Bank - BNDES BAIXADA SANTISTA</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>16,899</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>16,899</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>16,782</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>16,782</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>33,564</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;Brazilian Development Bank - BNDES PAC</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>11,227</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>39,169</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>50,396</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>11,143</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>50,028</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>61,171</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;Brazilian Development Bank - BNDES PAC II 9751</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>4,364</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>18,811</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>23,175</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>4,334</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>22,991</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>27,325</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;Brazilian Development Bank - BNDES PAC II 9752</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>3,186</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>23,100</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>26,286</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>2,367</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>19,526</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>21,893</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;Brazilian Development Bank - BNDES ONDA LIMPA</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>23,632</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>123,875</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>147,507</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>23,469</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>146,461</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>169,930</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;Brazilian Development Bank - BNDES TIET&#202; III</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>30,589</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>252,197</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>282,786</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>30,378</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>280,825</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>311,203</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;Brazilian Development Bank - BNDES 2015</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>31,615</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>490,729</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>522,344</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>10,050</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>397,922</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>407,972</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;Leases</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>19,077</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>549,589</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>568,666</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>17,573</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>544,044</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>561,617</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;Other</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,380</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>8,163</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>9,543</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,466</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>9,477</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>10,943</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;Interest and charges</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>98,410</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>98,410</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>101,855</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>101,855</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total in local currency</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,365,112</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>5,118,275</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>6,483,387</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,199,384</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>5,228,761</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>6,428,145</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>134</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Borrowings and financing outstanding balance</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%" colSpan=3>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" colSpan=3>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Financial institution</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Current</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Noncurrent</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Current</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Noncurrent</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Foreign currency</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>&nbsp;Inter-American Development Bank - BID 1212 &#8211; US$ 71,947 thousand (US$ 92,503 thousand in December 2017)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>39,826</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>238,954</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>278,780</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>34,000</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>238,000</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>272,000</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>&nbsp;Inter-American Development Bank - BID 2202 &#8211; US$ 544,457 thousand (US$ 438,071 thousand in December 2017)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>124,098</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,969,565</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>2,093,663</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>81,757</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,375,358</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,457,115</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT style="FONT-SIZE: 8.5pt" face=georgia>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>International Bank of Reconstruction and Development </FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>- BIRD &#8211; US$ 91,286 thousand (US$ 79,946 thousand in December 2017)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>11,779</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>341,646</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>353,425</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>301,665</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>301,665</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>&nbsp;Deutsche Bank &#8211; US$ 75,000 thousand (US$ 150,000 thousand in December 2017)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>288,479</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>288,479</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>248,100</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>242,343</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>490,443</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>&nbsp;Eurobonds &#8211; US$ 350,000 thousand (US$ 350,000 thousand in December 2017)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,354,532</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,354,532</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,155,331</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,155,331</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;JICA 15 &#8211; &#165; 12,676,730 thousand (&#165; 13,829.160 thousand in December 2017)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>40,646</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>406,462</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>447,108</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>33,881</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>372,696</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>406,577</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;JICA 18 &#8211; &#165; 11,397,760 thousand (&#165; 12,433,920 thousand in December 2017)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>36,545</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>365,230</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>401,775</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>30,463</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>334,849</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>365,312</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>&nbsp;JICA 17 &#8211; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&#165; </FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,826,957 thousand (</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&#165; </FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,534,959 thousand in December 2017)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>11,835</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>51,786</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>63,621</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>2,507</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>41,835</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>44,342</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>&nbsp;JICA 19 &#8211; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&#165; </FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>31,561,726 thousand (</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&#165; </FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>29,777,232 thousand in December 2017)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>64,028</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,047,081</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,111,109</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>873,383</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>873,383</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>&nbsp;BID 1983AB &#8211; US$ 58,462 (US$ 82,404 thousand in December 2017)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>68,554</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>155,653</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>224,207</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>79,201</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>189,990</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>269,191</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>&nbsp;Interest and charges</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>52,710</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>52,710</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>37,462</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>37,462</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Total in foreign currency</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>738,500</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>5,930,909</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>6,669,409</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>547,371</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>5,125,450</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>5,672,821</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Total borrowings and financing</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>2,103,612</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>11,049,184</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>13,152,796</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,746,755</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>10,354,211</FONT></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>12,100,966</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=7 noWrap>

   <P style="MARGIN: 2.4pt 0in"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Exchange rate as of December 31, 2018: US$ 3.8748; &#165;&nbsp;0.03527 (as of December 31, 2017: US$ 3.3080; &#165;&nbsp;0.02940).</FONT></P>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>On December 31, 2018, the Company did not have balances of borrowings and financing raised during the year, maturing within 12 months.</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>13<FONT style="FONT-SIZE: 11pt" face=Georgia>5</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Local currency </FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Guarantees</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Maturity </FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Annual interest rate</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Inflation adjustment</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>10<SUP>th</SUP> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2020</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TJLP + 1.92% (series 1 and 3) and 9.53% (series 2) </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>IPCA (series 2)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>12<SUP>th</SUP> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2025</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TR + 9.5% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>14<SUP>th</SUP> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2022</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TJLP + 1.92% (series 1 and 3) and 9.19% (series 2)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>IPCA (series 2)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>15<SUP>th</SUP> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2019</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>CDI + 0.99% (series 1) and 6.2% (series 2)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>IPCA (series 2)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>17<SUP>th</SUP> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2023</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>CDI + 0.75% (series 1) and 4.5% (series 2) and 4.75% (series 3)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>IPCA (series 2 and 3)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>18<SUP>th</SUP> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2024</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TJLP + 1.92 % (series 1 and 3) and 8.25% (series 2)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>IPCA (series 2)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>20<SUP>th</SUP> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2019</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>CDI + 3.80%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>21<SUP>st</SUP> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2022</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>CDI + 0.60% (series 1) and CDI+ 0.90% (series 2)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>22<SUP>nd</SUP> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2025</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>CDI + 0.58% (series 1) and CDI+ 0.90% (series 2) and 6.0% (series 3)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>IPCA (series 3)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Brazilian Federal Savings Bank</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2019/2039</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5% to 9.5%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

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

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 1pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Brazilian Development Bank - BNDES BAIXADA SANTISTA</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2019</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TJLP + 2.5%&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Brazilian Development Bank - BNDES PAC</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2023</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TJLP + 2.15% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Brazilian Development Bank - BNDES PAC II 9751</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2027</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TJLP + 1.72% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Brazilian Development Bank - BNDES PAC II 9752</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2027</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TJLP + 1.72% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Brazilian Development Bank - BNDES ONDA LIMPA</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2025</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TJLP + 1.92%&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Brazilian Development Bank - BNDES TIET&#202; III</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2028</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TJLP + 1.66% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Brazilian Development Bank - BNDES 2015</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2035</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TJLP + 2.5% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Leases</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2035</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>7.73% to 10.12% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

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

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2025</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>12% (Presidente Prudente) and TJLP + 1,5% (FINEP)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TR</FONT></P></TD></TR></TABLE><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>136</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></DIV>

<DIV align=left>

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<TR style="HEIGHT: 17pt">

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Foreign currency</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Guarantees</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Maturity</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Annual interest rate</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Exchange rate changes</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 1pt 0in 2pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0in 2pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 1pt 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Inter-American Development Bank - BID 1212 &#8211; US$ 71,947 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2025</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3.31% (*)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0in 2pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 1pt 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Inter-American Development Bank - BID 2202 &#8211; US$ 544,457 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2035</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3.42% (*)&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0in 2pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%" noWrap>

   <P style="MARGIN: 1pt 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>International Bank for Reconstruction and Development - BIRD &#8211; US$ 91,286 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2034</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2.85% (*)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0in 2pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 1pt 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deutsche Bank &#8211; US$ 75,000 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2019</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>4.50%(*)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0in 2pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 1pt 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Eurobonds &#8211; US$ 350,000 thousand </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2020</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>6.25%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0in 2pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 1pt 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>JICA 15 &#8211; &#165; 12,676,730 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2029</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1.8% and 2.5%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0in 2pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 1pt 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>JICA 18 &#8211; &#165; 11,397,760 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2029</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1.8% and 2.5%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0in 2pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 1pt 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>JICA 17 &#8211; &#165; 1,826,957 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2035</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1.2% and 0.01% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0in 2pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 1pt 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>JICA 19 &#8211; &#165; 31,561,726 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2037</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1.7% and 0.01% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0in 2pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 1pt 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>BID 1983AB &#8211; US$ 58,462 thousand</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2023</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2.08% to 2.38% (*)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0in 2pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>US$</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(*) Rates comprising LIBOR + contractually defined spread.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>137</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(i)&nbsp;&nbsp;&nbsp;&nbsp; Payment schedule &#8211; accounting balances as of December 31, 2018</FONT></P>

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<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2019</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2020</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2021</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2022</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2023</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2024</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2025 to 2039</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>TOTAL</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>LOCAL CURRENCY</FONT></I></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,049,510</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>589,190</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>479,995</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>559,184</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>362,555</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>204,832</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>150,294</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,395,560</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Brazilian Federal Savings Bank</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>75,223</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>78,072</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>82,169</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>86,589</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>79,037</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>77,369</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>863,356</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,341,815</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>BNDES</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>121,512</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>103,260</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>102,809</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>102,809</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>97,069</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>91,581</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>450,353</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,069,393</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Leasing</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>19,077</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>36,903</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>38,700</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>40,654</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>43,416</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>45,153</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>344,763</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>568,666</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,380</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,380</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,380</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,380</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,380</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,380</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,263</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>9,543</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Interest and charges</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>98,410</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>98,410</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TOTAL IN LOCAL CURRENCY</FONT></I></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,365,112</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>808,805</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>705,053</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>790,616</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>583,457</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>420,315</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,810,029</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>6,483,387</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>FOREIGN CURRENCY</FONT></I></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>BID</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>163,923</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>163,923</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>163,923</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>163,923</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>163,923</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>163,923</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,388,905</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,372,443</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>BIRD</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>11,779</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>23,557</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>23,557</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>23,557</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>23,557</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>23,557</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>223,861</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>353,425</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Deutsche Bank</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>288,479</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>288,479</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Eurobonds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,354,532</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,354,532</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>JICA</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>153,055</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>140,431</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>140,431</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>140,431</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>140,431</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>140,431</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,168,403</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,023,613</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>BID 1983AB</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>68,554</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>67,786</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>29,806</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>29,806</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>28,255</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>224,207</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Interest and charges</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>52,710</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>52,710</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TOTAL IN FOREIGN CURRENCY</FONT></I></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>738,500</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,750,229</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>357,717</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>357,717</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>356,166</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>327,911</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,781,169</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>6,669,409</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Overall Total </FONT></I></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,103,612</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,559,034</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,062,770</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,148,333</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>939,623</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>748,226</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>4,591,198</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>13,152,796</FONT></P></DIV></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></DIV>

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<P style="MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="MARGIN: 0in 0in 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(ii)&nbsp;&nbsp; Changes</FONT></P>

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   <TD style="HEIGHT: 52.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Funding</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=georgia>Borrowings costs</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Monetary variation and exchange rate changes</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Inflation adjustment / update incorporated interest - Capitalized</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Interest paid</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Amortization</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Accrued interest</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Provision for interest and fees - Capitalized</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=georgia>Borrowings costs - expenses</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>December 31, 2018</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>LOCAL CURRENCY</FONT></I></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Debentures</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,576,842</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>750,000</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(3,021)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>62,676</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(259,175)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(905,080)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>226,810</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>34,409</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,400</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,486,861</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Brazilian Federal Savings Bank</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,236,674</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>194,244</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(102,772)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(85,515)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>75,668</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>27,385</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,345,684</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>BNDES</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,042,036</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>131,000</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,438</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>4,001</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(90,397)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(102,314)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>28,909</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>55,725</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>207</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,072,605</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Leasing</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>561,616</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>6,366</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(38,196)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(17,427)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>40,290</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>16,017</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>568,666</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>10,977</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>69</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(772)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,470)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>763</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>4</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>9,571</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TOTAL IN LOCAL CURRENCY</FONT></I></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>6,428,145</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,075,244</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(3,021)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>66,183</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>10,367</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(491,312)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,111,806)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>372,440</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>133,540</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,607</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>6,483,387</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>FOREIGN CURRENCY</FONT></I></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>BID</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,743,257</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>484,690</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(2,365)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>237,433</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>53,208</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(55,391)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(130,520)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>26,910</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>41,878</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>885</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,399,985</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>BIRD</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>303,278</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>48,279</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,462</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(7,607)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>6,945</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,044</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>19</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>356,420</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Deutsche Bank</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>496,726</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>62,918</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(35,207)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(268,508)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>28,862</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>4,454</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,627</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>292,872</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Eurobonds</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,158,642</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>198,380</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(97,952)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>85,072</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>13,448</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>822</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,358,412</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>JICA</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,700,448</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>80,196</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(191)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>329,638</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>6,787</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(33,519)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(82,608)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>33,992</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,209</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>176</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,036,128</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>BID 1983AB</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>270,470</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>39,241</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(11,060)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(85,306)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>9,681</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,488</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,078</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>225,592</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><I><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>TOTAL IN FOREIGN CURRENCY</FONT></I></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5,672,821</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>564,886</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(2,556)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>915,889</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>63,457</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(240,736)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(566,942)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>191,462</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>64,521</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>6,607</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>6,669,409</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Overall Total </FONT></I></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>12,100,966</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,640,130</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(5,577)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>982,072</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>73,824</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(732,048)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,678,748)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>563,902</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>198,061</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>10,214</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>13,152,796</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Funding</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=georgia>Borrowings costs</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Leases</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Monetary variation and exchange rate changes</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Inflation adjustment / update incorporated interest - Capitalized</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Interest paid</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Amortization</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Accrued interest</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Provision for interest and fees - Capitalized</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=georgia>Borrowings costs - expenses</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>LOCAL CURRENCY</FONT></I></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Debentures</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,641,912</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>500,000</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,157)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>51,768</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(301,493)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(597,794)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>176,780</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>103,215</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,611</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,576,842</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Brazilian Federal Savings Bank</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,150,691</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>144,654</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5,495</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,415</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(95,854)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(65,836)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>78,283</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>17,826</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,236,674</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>BNDES</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>946,984</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>171,153</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5,405</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,512</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(78,466)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(87,993)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>33,938</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>48,294</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>209</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,042,036</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Leases</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>552,516</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>24,693</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(15,593)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>561,616</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>11,677</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>116</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(876)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(750)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>779</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>31</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>10,977</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TOTAL IN LOCAL CURRENCY</FONT></I></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>6,303,780</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>815,807</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,157)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>24,693</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>62,784</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,927</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(476,689)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(767,966)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>289,780</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>169,366</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,820</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>6,428,145</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>FOREIGN CURRENCY</FONT></I></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>BID</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,811,664</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>96,889</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(2,497)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(15,193)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>40,228</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(38,654)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(189,280)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>22,547</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>16,803</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>750</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,743,257</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>BIRD</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>261,337</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>35,710 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,874</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,837</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(4,049)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,662</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>888</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>19</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>303,278</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Deutsche Bank</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>485,090</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(720)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>7,335</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(31,774)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>21,286</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>11,925</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,584</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>496,726</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Eurobonds</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,141,469</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>17,115</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(85,338)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>55,046</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>29,529</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>821</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,158,642</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>JICA</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,617,215</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>63,909</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(287)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>82,563</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,525</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(28,652)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(65,702)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>27,602</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,115</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>160</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,700,448</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>BID 1983AB</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>343,588</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(82)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,609</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(10,931)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(75,610)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>6,858</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,715</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,323</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>270,470</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TOTAL IN FOREIGN CURRENCY</FONT></I></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5,660,363</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>196,508</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(3,586)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>96,303</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>45,590</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(199,398)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(330,592)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>137,001</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>63,975</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>6,657</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5,672,821</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Overall Total </FONT></I></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>11,964,143</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,012,315</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(4,743)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>24,693</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>159,087</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>49,517</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(676,087)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,098,558)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>426,781</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>233,341</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>10,477</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>12,100,966</FONT></P></DIV></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>140</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The balance on December 31, 2018 is stated net of borrowing costs in the amount of R$&nbsp;5,590 (R$&nbsp;6,223 on December 31, 2017), which will be amortized during the same maturity period of each contract.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Main events</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortizations</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>Amount</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>Maturity</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>Interest rates</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>17<SUP>th</SUP> issue - </FONT><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>series 1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>R$&nbsp;144,391</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>January 15, 2018</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>CDI</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>17<SUP>th</SUP> issue - </FONT><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>series 2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>R$&nbsp;348,434</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>February 15, 2018</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>IPCA</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>20<SUP>th</SUP> issue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>R$&nbsp;250,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>December 20, 2018</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>CDI</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>10<SUP>th</SUP> issue </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>R$&nbsp;42,438</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>2018 (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>TJLP/IPCA</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>12<SUP>th</SUP> issue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>R$&nbsp;45,450</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>2018 (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>TR</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>14<SUP>th</SUP> issue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>R$&nbsp;40,726</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>2018 (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>TJLP/IPCA</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>18<SUP>th</SUP> issue </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>R$&nbsp;33,641</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>2018 (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>TJLP/IPCA</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(*) Amounts paid during the year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>Funding</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 120%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>As of February 19, 2018, the Company held the 22<SUP>nd</SUP> issue of unsecured debentures, not convertible into shares, totaling R$ 750 million, in up to three series, for public distribution, with restricted placement efforts, pursuant to CVM Instruction 476/09,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.5pt" face=georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>distributed as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="28%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>Value</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>Maturity</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>Remuneration</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>Series 1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>R$&nbsp;100,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>3 years</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>CDI + 0.58% p.a.</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>Series 2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>R$&nbsp;400,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>5 years</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>CDI + 0.90% p.a.</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>Series 3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>R$&nbsp;250,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>7 years</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>IPCA + 6.00% p.a.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The proceeds from the debenture issue were allocated to refinance financial commitments and recompose the Company&#8217;s cash</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Covenants</FONT></B></P>

<P style="MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>For the outstanding contracts, the Company has the following restrictive clauses</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Financial covenants applicable to the 10<SUP>th</SUP>, 14<SUP>th</SUP> and 18<SUP>th</SUP> issues and the financing agreements entered into with the BNDES, except for agreement no. 08.2.0169.1 (PAC):</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The financing agreements entered into with the BNDES specify two ranges in which the Company needs to maintain its adjusted EBITDA/Adjusted financial expenses, Adjusted net debt/Adjusted EBITDA, and Other onerous debt/Adjusted EBITDA ratios.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT size=2 face=Georgia></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>These agreements also specify a guarantee mechanism in which the Company needs to ensure that a portion of the monthly receivables amount is daily recorded in a fiduciary account linked to the BNDES. In this process, every day, after the BNDES notifies the depositary bank that the Company is not in default, this portion of the monthly receivables amount is transferred to a Company current account.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The renegotiated/amended covenants are:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.4pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>A.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Maintenance of the following ratios, quarterly calculated and related to accrued amounts over the last 12 months, upon the disclosure of reviewed interim financial statements or audited annual financial statements entails the need to record R$ 225.9 million per month in a fiduciary account linked to the BNDES:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Adjusted EBITDA/adjusted financial expenses equal to or higher than 3.50;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Adjusted net debt/adjusted EBITDA equal to or lower than 3.00;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Other onerous debt(*)/adjusted EBITDA equal to or lower than 1.00. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(*) &#8220;Other onerous debt&#8221; correspond to the sum of social security liabilities, health care plan, installment payment of tax debts and installment payment of debts with the electricity supplier.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.4pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>B.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In case of failure to comply with one or more ratios specified in item A, in two or more quarters, consecutive or not, within twelve months, the Company will be failing to comply with the first range of ratios and the portion of the monthly receivables to be recorded in a fiduciary account linked to the BNDES will be automatically increased by 20%, if the ratios are maintained in the following range:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Adjusted EBITDA/Adjusted financial expenses lower than 3.50 and equal to or higher than 2.80;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Adjusted net debt/adjusted EBITDA equal to or lower than 3.80 and higher than 3.00;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Other onerous debt/adjusted EBITDA equal to or lower than 1.30 and higher than 1.00.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.4pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>C.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The failure to achieve one or more than one ratio stipulated in item B, and/or the Company does not comply with the automatic reinforcement of guarantee under the terms of item B, the Company will be failing to comply with the covenant terms and the BNDES may, at its sole discretion:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>require the creation of additional guarantees, not below 30 days, within term to be defined by it through notice; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>suspend the release of funds; and/or </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>declare the early maturity of the financing agreements.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018, the amount of R$ 242.9 million was guaranteed for the agreements above (excluding the guarantee of agreement no. 08.2.0169.1).</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>14<FONT style="FONT-SIZE: 11pt" face=Georgia>2</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Financial covenants applicable to financing agreement no. 08.2.0169.1 entered into with the BNDES</FONT></U></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Adjusted EBITDA/adjusted net operating revenue: equal to or higher than 38%; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Adjusted EBITDA/adjusted financial expenses: equal to or higher than 2.35;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Adjusted net debt/adjusted EBITDA: equal to or lower than 3.20.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The BNDES will annually verify if the ratios have been complied with by analyzing the annual audited financial statements, which must be presented to the BNDES or published by April 30 of the subsequent year referring to the financial statements. If the Company complies, cumulatively, with the ratios above, the BNDES will reduce the interest stipulated in the agreement from 2.15% p.a. to 1.82% p.a., from June 16 of the year when the analysis is carried out to June 15 of the subsequent year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The agreements also have a cross default clause, i.e., the early maturity of any of the Company&#8217;s debts, the amount of which may anyhow compromise the settlement of its obligations provided for in the Indenture deed shall imply the early maturity of such agreement</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Applicable to the 12<SUP>th</SUP> issue</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Calculated every quarter upon the disclosure of interim or annual financial statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>- </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Adjusted current ratio (current assets divided by current liabilities, excluding from current liabilities the current portion of noncurrent debts incurred by the Company that are recorded in current liabilities) higher than 1.0;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>- EBITDA/paid financial expenses ratio equal to or higher than 1.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>5;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>- </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Disposal of operating assets, extinguishment of license, loss of concession or loss of the Issuer&#8217;s capacity to execute and operate the basic sanitation public utilities in areas of the S&#227;o Paulo </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>State </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>territory, which, considered individually or jointly during the contract&#8217;s effectiveness, result in a reduction of net sales revenue and/or services revenue of the Issuer exceeding twenty-five percent (25%). The limit established above will be calculated quarterly, taking into account the Issuer&#8217;s operating income for the twelve (12) months preceding the end of each quarter and applying the financial information disclosed by the Issuer; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Non-compliance with these obligations only will be characterized when verified in its interim financial statements, during at least, two consecutive quarters, or also two nonconsecutive quarters within a twelve-month period</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In case of noncompliance with the covenants, the trustee should call an extraordinary debenture holders' meeting within 48 hours from the acknowledgement of the noncompliance to resolve on the declaration of early maturity of the debentures</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>This issue has an early maturity clause, in case there is a downgrade, by more than two levels, of the &#8220;brAA-&#8221; risk rating in national scale originally attributed to this issue&#8217;s Debentures by the Rating Agency, always taking into consideration the Standard &amp; Poor&#8217;s rating table. As of December 31, 2018, SABESP&#8217;s rate was </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>&#8220;brAAA&#8221;.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The agreement also has a cross default clause, i.e. the early maturity of any of the Company&#8217;s debts, equal to or exceeding R$ 50 million, adjusted by IPCA variation as of the issue date, due to contractual default, the amount of which may anyhow compromise the settlement of the Company&#8217;s monetary obligations arising from the Issue, shall imply the early maturity of this agreement</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Applicable to the 15<SUP>th</SUP> issue, 17<SUP>th</SUP> issue and 20<SUP>th</SUP> issues</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Calculated every quarter upon the disclosure of interim or annual financial statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>- </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Adjusted total debt/EBITDA: lower than or equal to 3.65;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>- EBITDA/paid financial expenses: equal to or higher than 1.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>5;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>- </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Disposal of operating assets, extinguishment of license, loss of concession or loss of Issuer&#8217;s capacity to execute and operate the basic sanitation public utilities in areas of the S&#227;o Paulo </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>State </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>territory, which considered individually or jointly during the contract&#8217;s effectiveness, result in a reduction of net sales revenue and/or services revenue of the Issuer exceeding twenty-five percent (25%). The limit established above will be calculated quarterly, taking into account the Issuer&#8217;s operating income for the twelve (12) months preceding the end of each quarter and applying the financial information disclosed by the Issuer; and</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Non-compliance with the covenant clauses, during, at least, two consecutive quarters, or also two nonconsecutive quarters within a twelve-month period shall result in the early maturity of the agreement</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The agreements have a cross acceleration clause, i.e., the early maturity of any of the Company&#8217;s debts, equal to or exceeding R$ 90 million (for the 20th issue, amount equal to or exceeding R$ 120 million), adjusted by IPCA variation as of the issue date, due to contractual default, the amount of which may compromise the settlement of the Company&#8217;s monetary obligations arising from the Issue, will result in the early maturity of these agreements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Applicable to the </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>21<SUP>st</SUP> and 22<SUP>nd</SUP> issues:</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Calculated every quarter upon the disclosure of interim or annual financial statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>- Net debt/EBITDA: lower than or equal to 3.65;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>- Adjusted EBITDA/paid financial expenses: equal to or higher than 1.5;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>- </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Disposal of operating assets, extinguishment of license, loss of concession or loss of Issuer&#8217;s capacity to execute and operate the basic sanitation public utilities in areas of the S&#227;o Paulo </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>State </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>territory, which considered individually or jointly during the deed&#8217;s effectiveness, result in a reduction of net sales revenue and/or services revenue of the Issuer exceeding twenty-five percent (25%). The limit established above will be calculated quarterly, taking into account the Issuer&#8217;s operating income for the twelve (12) months preceding the end of each quarter and applying the financial information disclosed by the Issuer</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Non-compliance with the covenant clauses, during, at least, two consecutive quarters, or also two nonconsecutive quarters within a twelve-month period shall result in the early maturity of the agreement</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The agreement have a cross acceleration clause, i.e., the early maturity of any of the Company&#8217;s debts, equal to or exceeding R$145 million, adjusted by IPCA variation as of the issue date, result in an event of default that result in the early maturity of these agreements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Brazilian Federal Savings Bank (CEF)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>&nbsp; </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Main events</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Funding totaled R$ 194,244 in 2018, mainly related to the agreements in progress of the Growth Acceleration Program (PAC).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In 2018, amortizations totale</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>d R$ 85,515.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The guarantee for financing agreements entered into with the Brazilian Federal Savings Bank is the recognition of a portion of tariffs in an account for this purpose with the Brazilian Federal Savings Bank, which should maintain a flow equal to or at least three times the amount of the monthly charges, during the grace period, based on interest, the management fee and the credit risk rate and, during the amortization phase, based on the principal, interest, the management fee and the credit risk rate. Additionally, the Company maintains a reserve account, linked to financing agreements, in the Brazilian Federal Savings Bank, which is maintained during the entire term the agreements, where an amount is accrued equivalent to a monthly charge, composed of, during the grace period, interest, the management fee and the credit risk rate and, during the amortization phase, of the principal, interest, the management fee and the credit risk rate</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(ii)&nbsp;&nbsp;&nbsp; Sanitation to All Program of the Brazilian Federal Savings Bank (CEF) </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>On December 28, 2018, SABESP entered into seven financing agreements (twenty-one sub-credits) with the Brazilian Federal Savings Bank, totaling R$ 652.2 million. The agreements were selected by the Ministry of Cities &#8211; City Progress / Sanitation to All Programs. The funds came from the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Guarantee Fund for Length of Service</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> (FGTS) and will be allocated to water supply and sewage services.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Covenants</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The agreements have a cross default clause, i.e., the early maturity of any of the Company&#8217;s debts, due to contractual default, the occurrence of which may anyhow compromise the settlement of its monetary obligations deriving from these contracts shall imply the early maturity</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The agreement has the following covenants:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Calculated every quarter upon the disclosure of interim financial information </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>based on information included in the financial statements for the last twelve (12) months:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Restrict the funding of new debt so that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>adjusted EBITDA/adjusted financial expenses equal to or higher than 2.80;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>adjusted net debt/adjusted EBITDA equal to or higher than 3.80;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Other onerous debt(*)/adjusted EBITDA lower than or equal to 1.30.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(*) &#8220;Other Onerous Debt&#8221; correspond to the sum of social security liabilities, health care plan, installment payment of tax debts and installment payment of debts with the electricity supplier.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNDES</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Balance as of December 31, 2018 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>is stated net of borrowings costs in the amount of R$ 2,584 (R$ 2,793 on December 31, 2017), which will be amortized during the same maturity period of each contract</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Main events</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2018, funding from current contracts totaled R$&nbsp;131,000, referring to the BNDES 2015 agreement, of R$&nbsp;124,000, and BNDES PAC II 9752, of R$ 7,000. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2018, amortizations totaled R$&nbsp;102,314.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Loans are collateralized by part of revenues from the provision of water and sewage services, up to the total amount of the outstanding balance</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Covenants</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The agreements entered into with the BNDES have standardized financial covenants, as described in item (a), (ii), covenants, applicable to the 10<SUP>th</SUP> issue, 14<SUP>th</SUP> issue and 18<SUP>th</SUP> issue, of this Note</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company has lease agreements signed as Assets Lease. During the construction period, works are capitalized to intangible assets in progress and the lease amount is recorded at the same proportion. Works are estimated to be concluded in 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>After startup, the lease payment period starts (240 monthly installments), whose amount is periodically restated by contracted price index</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eurobonds </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Balance as of December 31, 2018 is net of borrowing costs in the amount of R$ 1,648 (R$ 2,470 on December 31, 2017), which will be amortized during the same maturity period of the contract</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Covenants</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The contract has the following covenants:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Calculated every quarter upon the disclosure of interim or annual financial statements:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Restrict the funding of new debts so that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 14.2pt; TEXT-INDENT: -11.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>-&nbsp;&nbsp; adjusted total debt/EBITDA ratio is lower than 3.65;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 14.2pt; TEXT-INDENT: -11.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>- &nbsp; the Company's debt service coverage ratio, determined at the end of each quarter, is higher than 2.35.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Non-compliance with covenants will accelerate the maturity of the agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The agreement has a cross default clause, i.e., the early maturity of any indebtedness in view of the Company&#8217;s loans or any of its Subsidiaries (*) with a total principal amount of US$ 25,000,000.00 or more (or its corresponding amount in other currencies) shall imply the early maturity this agreement.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(*) Pursuant to the agreement, subsidiary is &#8220;the company, partnership or another entity of which over 50% of its voting shares are directly or indirectly owned or controlled by any person or one or other person&#8217;s subsidiaries, or their combination&#8221;.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.15pt; TEXT-INDENT: -35.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(f)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Deutsche Bank US$ 150 million </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The balance as of December 31, 2018 was stated net of borrowing costs in the amount of R$&nbsp;2,131 (R$&nbsp;5,757 as of December 31, 2017), which will be amortized during the maturity period of the contract.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2018, amortizations totaled R$ 268,508.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Covenants</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The agreement has the following covenants:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Calculated every quarter upon the disclosure of interim or annual financial statements:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 14.2pt; TEXT-INDENT: -11.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>-&nbsp;&nbsp; total debt/adjusted EBITDA ratio is lower than 3.65;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>-&nbsp;&nbsp;&nbsp; Company's debt service coverage ratio, determined at the end of each quarter, is higher than 2.35.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Non-compliance with covenants for two quarters, consecutive or not, will accelerate the maturity of the agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The agreement has a &#8220;cross acceleration&#8221; clause, i.e., in the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>early maturity of any debt of the Company or any of its subsidiaries (*)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>, with a total principal or aggregate amount equal to or higher than R$ 120 million (or its equivalent in another currency), contracted pursuant to the Brazilian law, or with a total principal or aggregate amount equal to or higher than US$ 50 million (or its equivalent in another currency), in the case of debts governed by the laws of any other jurisdiction other than Brazil, will result in the early maturity of the agreement.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(*) Pursuant to the agreement, a subsidiary means any partnership, corporation, company, association or commercial entity in which SABESP or one or more of its subsidiaries directly or indirectly hold more than 50% of the outstanding common shares with voting rights of its respective capital stock.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.15pt; TEXT-INDENT: -35.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(g)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Inter-American Development Bank (BID)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Balance as of December 31, 2018 was net of borrowing costs amounting to R$&nbsp;15,999 (R$&nbsp;14,517 on December 31, 2017), which will be amortized during the same maturity period of the agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Main events</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>In 2018, funding referring to BID 2202 agreement totaled R$&nbsp;484,690.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>In 2018, amortizations totaled </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>R$&nbsp;130,520.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Guarantees</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Loans obtained from multilateral agencies and from Government Agencies, such as the BID, BIRD and JICA, are guaranteed by the Federal Government, with a counter-guarantee of the S&#227;o Paulo State government.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(iii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Covenants</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>For the outstanding contracts, the Company has the following covenants:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Calculated every quarter upon the disclosure of interim or annual financial statements:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -11.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>-&nbsp;&nbsp; Loan agreement 1,212 - Tariffs must: (a) produce revenues sufficient to cover the system's operating expenses, including administrative, operating, maintenance, and depreciation expenses; (b) provide a return on property, plant, and equipment no less than 7%; and (c) during project execution, the balances of current loans must not exceed 8.5% of total equity.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>These agreements have an early maturity clause, i.e., in the early maturity will occur in the event the Company&#8217;s fail to comply with any obligation therewith or any agreements signed with the Bank related to Project finance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan International Cooperation Agency (JICA) </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Balance as of December 31, 2018 is stated net of borrowing costs amounting to R$&nbsp;3,113 (R$&nbsp;3,100 on December 31, 2017), which will be amortized during the same maturity period of the contract.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Main events</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2018, the Company raised R$ 80,196 from agreements in effect, corresponding to the BZ-P19 (JICA 19)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia> and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>BZ-P17 (JICA 17)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia> agreements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2018, amortizations totaled R$&nbsp;82,608, referring to the JICA BZ-15, JICA BZ-17 and JICA BZ-18 agreements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>For the guarantees assigned, see item g (ii) of this Note.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.25pt; TEXT-INDENT: -35.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>AB Loan (IADB 1983AB) </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The balance stated as of December 31, 2018 was net of borrowing costs amounting to R$&nbsp;2,322 (R$&nbsp;3,400 as of December 31, 2017), which will be amortized during the maturity period of the contract.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Main events</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2018, amortizations totaled R$&nbsp;85,306.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Covenants</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company has the following covenants:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Calculated every quarter upon the disclosure of interim or annual financial statements:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>- the Company&#8217;s ratio of debt service coverage, determined on a consolidated basis, must be higher than or equal to 2.35; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>- total adjusted debt/adjusted EBITDA ratio, determined on a consolidated basis, must be lower than 3.65.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The agreement has an early maturity clause, i.e., in the event of default, the BID may order the early maturity of the loan or part of it. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The agreement also has a &#8220;cross default&#8221; clause, i.e., in the event of default of any other Company debt with the BID or with third parties (in this case, higher than US$ 25 million), the BID may order the early maturity of the loan.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.25pt; TEXT-INDENT: -35.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(j)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>International Bank for Reconstruction and Development (BIRD)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Balance as of December 31, 2018 was stated net of borrowing costs amounting to R$&nbsp;290 (R$&nbsp;310 as of December 31, 2017), which will be amortized during the same maturity period of the contract.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>For the guarantees assigned, see item g (ii) of this Note.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(k)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Covenants</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018 and 2017, the Company met the requirements set forth by its borrowings and financing agreements.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(l)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Exchange rate changes</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2018, the US dollar increased 17.1%, from R$&nbsp;3.3080 on December 31, 2017, to R$&nbsp;3.8748 on December 31, 2018, increasing the Company&#8217;s debt denominated in US dollars by R$&nbsp;675,145. In the same period, the Yen increased 20.0%, from R$&nbsp;0.02940 on December 31, 2017, to R$&nbsp;0.035270 on December 31, 2018, increasing the Company&#8217;s debt denominated in Yen by R$&nbsp;337,309.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(m)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Borrowings and financing &#8211; Credit Limited</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Agent</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2018</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(in millions of reais (*))</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Brazilian Federal Savings Bank</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,908</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Brazilian Development Bank (BNDES)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,455</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Japan International Cooperation Agency (JICA)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>208</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>38</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>TOTAL</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,609</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(*) Brazilian Central Bank&#8217;s exchange rate as of December 31, 2018 (&#165;&nbsp;1.00 = R$&nbsp;0.03527). </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In order to comply with its capex plan, SABESP relies on a fund-raising plan.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Financing resources contracted have specific purposes, which have been released for the execution of their respective investments, according to the progress of the works. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>15<FONT style="FONT-SIZE: 11pt" face=Georgia>0</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>recoverable/payable</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Current assets</FONT></B></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Recoverable taxes</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Income tax and social contribution</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>361,758</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>270,614</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

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   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Withholding income tax (IRRF) on financial investments</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia> </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>6,423</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,606</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other federal taxes</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>12,522</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,365</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>380,703</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>276,585</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The increase in recoverable taxes was mainly due to the increase in the &#8220;income tax and social contribution&#8221; item, since the estimated paid amounts were higher than amounts due in the end of the year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Current liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P>

<DIV align=left>

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<TR style="HEIGHT: 15.6pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Taxes and contributions payable</FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Cofins and Pasep</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>82,381</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>74,034</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>INSS (Social Security contribution)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>38,871</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>35,365</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>IRRF (withholding income tax)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>66,825</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>58,204</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>12,486</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>16,362</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>200,563</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>183,965</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>151</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred taxes and contributions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Statement of financial position details</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred tax assets </FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>337,833</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>482,863</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Pension obligations &#8211; G1</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>157,044</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>165,503</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Donations of underlying assets on concession agreements</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>54,131</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>55,112</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Credit losses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>197,920</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>199,063</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>186,887</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>151,562</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total deferred tax assets</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>933,815</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,054,103</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred tax liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Temporary difference on concession of intangible asset</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(433,842)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(460,177)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Capitalization of borrowing costs</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(420,978)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(415,379)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Profit on supply to governmental entities</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(206,978)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(76,705)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial (gain)/loss &#8211; G1 Plan</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(36,430)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(36,538)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Construction margin</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(86,164)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(88,947)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Borrowing costs</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(10,665)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(13,111)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total deferred tax liabilities</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,195,057)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,090,857)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred tax assets (liabilities), net</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(261,242)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(36,754)</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>15<FONT style="FONT-SIZE: 11pt" face=Georgia>2</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realization</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

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



<TR style="HEIGHT: 15.6pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred income tax assets </FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>to be realized within 12 months</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>158,294</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>221,999</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>to be realized after one year</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt 7.1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>775,521</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>832,104</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total deferred tax assets</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>933,815</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,054,103</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred income tax liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>to be realized within 12 months</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(32,546)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(51,520)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>to be realized after one year</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt 7.1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,162,511)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,039,337)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total deferred tax liabilities</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt 7.1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,195,057)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,090,857)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred tax asset (liability)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt 7.1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(261,242)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(36,754)</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Deferred tax assets</FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Net </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>change</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2018</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>482,863</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(145,030)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>337,833</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Pension obligations &#8211; G1</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>165,503</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(8,459)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>157,044</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Donations of underlying asset on concession agreements</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>55,112</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(981)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>54,131</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Credit losses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>199,063</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,143)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>197,920</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>151,562</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>35,325</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>186,887</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,054,103</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(120,288)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>933,815</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Deferred tax liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Temporary difference on concession of intangible asset</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(460,177)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>26,335</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(433,842)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Capitalization of borrowing costs</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(415,379)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(5,599)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(420,978)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Profit on supply to governmental entities</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(76,705)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(130,273)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(206,978)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Actuarial (gain)/loss &#8211; G1</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(36,538)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>108</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(36,430)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Construction margin</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(88,947)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,783</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(86,164)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Borrowing costs</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(13,111)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,446</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(10,665)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,090,857)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(104,200)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,195,057)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Deferred tax asset/(liability), net</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(36,754)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(224,488)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(261,242)</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>153</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Deferred tax assets</FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Net </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>change</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>524,129</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(41,266)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>482,863</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Actuarial (gain)/loss &#8211; G1</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>85,044</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(85,044)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Pension obligations &#8211; G1</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>167,922</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(2,419)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>165,503</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Donations of underlying asset on concession agreements</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>57,317</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(2,205)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>55,112</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Credit losses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>266,757</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(67,694)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>199,063</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>151,247</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>315</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>151,562</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,252,416</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(198,313)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,054,103</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Deferred tax liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Temporary difference on concession of intangible asset</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(492,341)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>32,164</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(460,177)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Capitalization of borrowing costs</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(374,512)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(40,867)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(415,379)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Profit on supply to governmental entities</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(92,365)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>15,660</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(76,705)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Actuarial (gain)/loss &#8211; G1</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(36,538)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(36,538)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Construction margin</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(91,790)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,843</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(88,947)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Borrowing costs</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(15,063)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,952</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(13,111)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,066,071)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(24,786)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,090,857)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Deferred tax asset/(liability), net</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>186,345</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(223,099)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(36,754)</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="24%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="24%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Opening balance </FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(36,754)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>186,345</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Net change in the year:</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;- corresponding entry to the income statement </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(224,596)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(101,517)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;- corresponding entry to equity valuation adjustments </FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(Note 21 (b))</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="24%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>108</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="24%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(121,582)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="24%">

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total change, net</FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(224,488)</FONT></P></DIV></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Closing balance </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(261,242)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(36,754)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>154</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciliation of the effective tax rate</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The amounts recorded as income tax and social contribution expenses in the financial statements are reconciled to the statutory rates, as shown below:</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Profit before income taxes</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,912,319</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,503,614</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Statutory rate</FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>34%</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>34%</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Estimated expense at statutory rate</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,330,186)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,191,229)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Tax benefit of interest on equity</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>264,816</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>245,444</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Permanent differences</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Provision Law 4,819/58 &#8211; G0 (i)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(46,544)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(57,104)</FONT></P></TD></TR>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Donations</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(13,068)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(12,413)</FONT></P></TD></TR>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>47,731</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>30,998</FONT></P></DIV></TD></TR>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Income tax and social contribution</FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Current income tax and social contribution</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(852,655)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(882,787)</FONT></P></TD></TR>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Deferred income tax and social contribution</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(224,596)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(101,517)</FONT></P></TD></TR>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Effective rate</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>28%</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>28%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(i)&nbsp;&nbsp;&nbsp;&nbsp; Permanent difference related to the provision for actuarial liability (Note 21 (b) (iii)).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp; Lawsuits and proceedings that resulted in provisions</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>(I) Statement of financial position details</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>The Company is party to a number of claims and legal proceedings arising in the normal course of business, including civil, tax, labor and environmental matters. Management recognizes provisions in the financial statements consistently with the recognition and measurement criteria established in Note 3.15. The ultimate timing and amounts of the payments depends on the outcome of the court cases. The provisions, net of escrow deposits are as follows:</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>155</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Escrow deposits</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 2.85pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Customer claims (i)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>290,649</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(43,841)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>246,808</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>438,619</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(56,301)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>382,318</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 2.85pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Supplier claims (ii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>67,985</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(24,380)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>43,605</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>332,037</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(259,608)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>72,429</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 2.85pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other civil claims (iii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>98,302</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(13,519)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>84,783</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>114,544</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(16,227)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>98,317</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 2.85pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Tax claims (iv)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>63,335</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(8,091)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>55,244</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>77,100</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(5,507)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>71,593</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 2.85pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Labor claims (v)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>302,935</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(10,932)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>292,003</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>299,842</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(6,741)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>293,101</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 2.85pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Environmental claims (vi)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>170,419</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>170,419</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>160,446</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>160,446</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 2.85pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>993,625</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(100,763)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>892,862</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,422,588</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(344,384)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,078,204</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 2.85pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 2.85pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Current</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>458,387</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>458,387</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>607,959</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>607,959</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 2.85pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Noncurrent</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>535,238</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(100,763)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>434,475</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>814,629</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(344,384)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>470,245</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>(II) Changes</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Additional provisions</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Interest and inflation adjustment</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Use of the accrual</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Amounts not used</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(reversal)</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2018</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Customer claims (i)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>438,619</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>29,732</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>40,749</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(141,421)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(77,030)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>290,649</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Supplier claims (ii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>332,037</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>36,100</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>21,161</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(308,253)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(13,060)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>67,985</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other civil claims (iii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>114,544</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>22,578</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>12,939</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(16,146)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(35,613)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>98,302</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Tax claims (iv)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>77,100</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>10,763</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4,157</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(2,490)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(26,195)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>63,335</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Labor claims (v)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>299,842</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>83,499</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>32,290</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(44,900)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(67,796)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>302,935</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Environmental claims (vi)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>160,446</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>33,392</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>18,294</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(115)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(41,598)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>170,419</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Subtotal</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,422,588</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>216,064</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>129,590</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(513,325)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(261,292)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>993,625</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Escrow deposits</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(344,384)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(53,205)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(5,533)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>269,248</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>33,111</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(100,763)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,078,204</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>162,859</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>124,057</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(244,077)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(228,181)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>892,862</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>156</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Additional provisions</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Interest and inflation adjustment</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Use of the accrual</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Amounts not used</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(reversal)</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Customer claims (i)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>572,210</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>26,642</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>44,805</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(138,466)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(66,572)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>438,619</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Supplier claims (ii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>332,667</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>23,017</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>36,888</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(39,433)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(21,102)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>332,037</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other civil claims (iii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>131,286</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>13,517</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>12,057</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(19,975)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(22,341)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>114,544</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Tax claims (iv)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>69,898</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6,877</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>7,392</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(259)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(6,808)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>77,100</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Labor claims (v)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>285,413</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>55,106</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>38,861</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(43,498)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(36,040)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>299,842</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Environmental claims (vi)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>150,084</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>32,377</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>16,156</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(24,585)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(13,586)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>160,446</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Subtotal</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,541,558</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>157,536</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>156,159</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(266,216)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(166,449)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,422,588</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Escrow deposits</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(368,483)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(29,089)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(7,823)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>15,354</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>45,657</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(344,384)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,173,075</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>128,447</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>148,336</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(250,862)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(120,792)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,078,204</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lawsuits deemed as contingent liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company is a party to lawsuits and administrative proceedings relating to environmental, tax, civil and labor claims, which are assessed as contingent liabilities in the financial statements, since it either does not expect outflows to be required or the amount of the obligation cannot be reliably measured. Contingent liabilities are represented as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="53%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="53%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Customer claims (i)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>207,600</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>219,900</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="53%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Supplier claims (ii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,459,100</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,430,600</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="53%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other civil claims (iii)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>719,300</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>733,100</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Tax claims (iv)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,439,100</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,291,000</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Labor claims (v)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>624,200</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>677,400</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Environmental claims (vi)</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4,343,800</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,879,000</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>8,793,100</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>8,231,000</FONT></P></DIV></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>157</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Explanation on the nature of main classes of lawsuits</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 64.35pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Customer claims </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 38.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Approximately 890 lawsuits (1,070 as of December 31, 2017) were filed by commercial customers, who claim that their tariffs should correspond to other consumer categories, and 490 lawsuits (680 as of December 31, 2017) in which customers claim a reduction in the sewage tariff due to losses in the system, consequently requesting the refund of amounts charged by the Company and 40 lawsuits (50 as of December 31, 2017) in which customers plead the reduction in tariff under the category as &#8220;Social Welfare Entity&#8221;. The Company was granted both favorable and unfavorable final decisions at several court levels. The R$&nbsp;135,510 decrease in accrued lawsuits was mainly due to payments in the period, and revisions of expectations arising from court decisions in the period.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 64.35pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Supplier claims</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>These lawsuits include lawsuits filed by some suppliers alleging underpayment of monetary restatements, withholding of amounts related to the understated inflation rates deriving from Real economic plan, and the economic and financial imbalance of the agreements, and are in progress at different courts. The R$ 28,824 decrease in accrued lawsuits was mainly due to payments in the period.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 64.35pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(iii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Other civil claims</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>These mainly refer to indemnities for property damage, pain and suffering, and loss of profits allegedly caused to third parties, such as vehicle accidents, claims, challenges on the methodology to collect tariffs, among others, filed at different court levels.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 64.35pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(iv)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Tax claims</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Tax claims refer mainly to issues related to tax collections and fines in general challenged due to disagreements regarding notification or differences in the interpretation of legislation by the Company's Management. The R$&nbsp;16,349 decrease in accrued lawsuits was mainly due to revisions of expectations arising from court decisions in the year. The R$&nbsp;148,100 increase in lawsuits deemed as contingent liabilities is mainly related to the update of lawsuits in progress.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(a) In 2006, the Brazilian Federal Revenue Service, by means of a tax execution, verified the Company&#8217;s compliance with the tax obligations related to income tax and social contribution for calendar year 2001, and issued a tax assessment adjusted through December 31, 2018 in the amount of R$ 53,430 (R$ 52,192 as of December 31, 2017).&nbsp; The Company appealed this recognition and was granted a partial relief in the first administrative instance. In December 2015, it filed a Voluntary Appeal against the part of the decision that was unfavorable to it. In March 2018, a decision for production of more evidence was published. Management considers that this administrative proceeding is deemed as possible disbursement.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>158</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(b) The municipality of S&#227;o Paulo, through law, revoked the services tax exemption which until them the company withheld and thereafter issued tax deficiency notices related to the sewage service and ancillary activities, in the updated amount of R$ 605,008 (R$ 547,510 as of December 31, 2017), which currently are subject-matter of Tax Foreclosures, deemed by the Management as contingent liabilities. SABESP filed a writ of mandamus against this revocation, which was rejected. Writs of prevention and actions for annulment were also filed, aiming the suspension of enforceability of credits and the annulment of tax deficiency notices, as it understands that notwithstanding the exemption revocation, the sewage activities and ancillary activities are not included in the list of activities subject to taxation by municipality. The appellate decision was favorable to the Company. The Municipality&#8217;s special and extraordinary appeal is still pending. The Company&#8217;s Management deemed the proceeding as contingent liability.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(c) The Federal Revenue Service rejected some offset requests made by the Company for the extinction of IRPJ/CSLL payable, using favorable amounts, arising from undue payments of IRPJ/CSLL, which were paid based on monthly estimates. The amount involved was adjusted through December 31, 2018 and is R$ 36,070 (R$ 42,173 as of December 31, 2017).&nbsp; Management considers that this administrative proceeding is deemed as a possible disbursement. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(d) The Company&#8217;s request for an authorization to offset taxes was rejected, overdue in the periods of July, August and September 2002 against the amount of IRPJ paid in excess in 1997 and 1998, due to inflation adjustment over the financial statements (Law 8,200/91), which was anticipated in 1996 due to an injunction, after excluded due discontinuance of proceeding and application of Provisional Measure 38/02. The Administrative Council of Tax Appeals rejected the credit from 1997. The amount involved was adjusted through December 31, 2018 and is estimated at R$ 52,427 (R$ 51,374 as of December 31, 2017). Management considers that this administrative proceeding is deemed as a possible disbursement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(e) Some municipalities have filed several lawsuits against SABESP related to taxes and fines in general, which were accrued and deemed as contingent liabilities. As of December 31, 2018, the restated amounts of such lawsuits were R$&nbsp;17,682 (R$&nbsp;40,123 as of December 31, 2017) and R$&nbsp;677,786 (R$&nbsp;582,168 December 31, 2017), respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 64.35pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(v)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Labor claims</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company is a party to labor lawsuits, involving issues such as overtime, shift schedule, health hazard premium and hazardous duty premium, prior notice, change of function, salary equalization, service outsourcing and other. Part of the amount involved is in provisional or final execution at various court levels. The R$ 53,200 decrease in lawsuits deemed as contingent liabilities is mainly due to the revision of expectations arising from court decisions in the year.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 64.35pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(vi)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Environmental claims</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>These refer to several administrative proceedings and lawsuits filed by government entities, including Companhia de Tecnologia de Saneamento Ambiental (Cetesb) and the Public Prosecution Office of the S&#227;o Paulo State, that aim affirmative and negative covenants and penalty is estimated due to failure to comply in addition to the imposition of indemnity due to environmental damages allegedly caused by the Company. The amounts accrued represent the best estimate of the Company at this moment, however, may differ from the amount to be disbursed as indemnity to alleged damages, in view of the current stage of referred proceedings. The R$ 464,800 increase in lawsuits deemed as contingent liabilities is mainly due to the new lawsuits filed and updates on lawsuits in progress.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Among the main lawsuits the Company is involved, there are public civil actions whose subject-matters are: <BR>a) sentence SABESP to restrain itself from discharging or releasing sewage without due treatment; b) invest in the water and sewage treatment system of the municipality, under the penalty of paying a fine; c) payment of indemnity due to environmental damages, amongst others.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other concession-related proceedings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company is a party to concessions-related proceedings, where it challenges compensatory issues for the resumption of water supply and sewage collection services by some municipalities or the right to continue operating said services. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The amount of assets related to the municipalities mentioned in the lawsuits below totaled R$ 114,335 as of December 31, 2018 (R$ 114,335 as of December 31, 2017), of which R$ 109,990 (items &#8220;c&#8221; to &#8220;h&#8221;) were reclassified to indemnities receivable in noncurrent assets, and estimated losses in the full amount of the claim were recorded in prior years. All municipalities mentioned below are not operated by the Company. When a municipality is awarded a final and unappealable favorable sentence, allowing it to repossess sanitation service assets and operations, the Brazilian legislation provides for the indemnity of the Company&#8217;s investments.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(a) Cajobi filed an action to recover possession against SABESP, which was granted relief to maintain the municipality in the possession of water and sewage assets; the likelihood of the Company resuming operations is remote. As of February 18, 2018, the appeal filed in the Appellate Court was denied. SABESP filed a special appeal. Meanwhile, SABESP has filed a motion against the municipality of Cajobi aiming at the enumeration and appraisal of the concession assets, which is in the forensic accounting stage and will support the subsequent filing of an action for damages;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(b) Macatuba filed an action to recover possession against SABESP, which was granted relief; the likelihood of the Company resuming operations is remote. The lawsuit is currently awaiting judgment of the special appeal filed by SABESP. Meanwhile, SABESP has filed an appeal requesting the payment by the municipality of indemnity related to non-amortized reversible assets. The action is in the forensic accounting stage.&nbsp; In this same action, the municipality of Macatuba counterclaimed because it believes that SABESP earned, through the collection of tariffs, more than the amount invested in the water and sewage system, requesting that the Company be sentenced to pay an indemnity to be calculated by forensic experts, which is deemed as a contingent liability;</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(c) The Company filed a repossession action against the municipality of &#193;lvares Florence, which was deemed groundless in an unappealable judgment. SABESP also filed an action for damages, requiring the payment related to non-amortized reversible assets. The Court sentenced the municipality to comply with the terms of the agreement. The municipality then filed motion and the appeal is pending judgment;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(d) Emba&#250;ba filed a repossession action against SABESP, which was granted relief to maintain the municipality in the possession of water and sewage assets and was issued a final and unappealable decision.&nbsp; The indemnity action was judged groundless in first instance and upheld by the Court of Justice. The appeal filed by SABESP in the Superior Court of Justice was not known; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(e) Ara&#231;oiaba da Serra filed a repossession action against SABESP, which was granted relief to maintain the municipality in the possession of water and sewage assets and was issued a final and unappealable decision.&nbsp; SABESP filed an indemnity action, which is in progress, in the forensic expert stage.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(f) Itapira filed a repossession action against SABESP, which was granted relief to maintain the municipality in the possession of water and sewage assets, which was issued final and unappealable decision. SABESP filed an indemnity action, which was held valid to determine the reimbursement of R$ 16,554, which must be adjusted for inflation as from the filing of the lawsuit (February 2008). This decision may be challenged. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(g) Tuiuti, through an action, obtained the right to continue operating water and sewage services. However, in a counter-claim, the municipality was sentenced to pay an indemnity, as a final decision that became an execution object by SABESP. As of December 7, 2016, an official communication was issued requesting the payment of the award;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(h) Mau&#225; is a defendant in a lawsuit filed by SABESP in 1996, in order to receive indemnification for its investments during the period of the concession agreement. The court found for the plaintiff and the decision was executed. The lawsuit is currently pending payment through registered warranties. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Environmental lawsuits with settlements entered into in 2018</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2018, the Company entered into several legal and administrative agreements totaling R$ 48,353. Of this amount, R$ 46,538 is related to construction and R$ 1,815 to environmental indemnifications, recorded under &#8220;other liabilities&#8221;. The accumulated balance as of December 31, 2018, corresponding to environmental indemnifications, totaled R$ 44,828 (R$ 43,014 as of December 31, 2017).</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee insurance for escrow deposit</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company contracts guarantee insurance for escrow deposit, which was renewed as of May 25, 2017, in the amount of R$ 500 million. Such insurance will be used to settle legal claims instead of have immediate cash disbursement by the Company, such insurance is used until the conclusion of these proceedings limited to up to five years.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2018, the Company used R$ 160,377 of the total contracted amount (R$ 101,192 in 2017). The amount of R$ 471,556 is currently outstanding from the current contract.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee benefits </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health benefit plan</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The health benefit plan is managed by Sabesprev and consists of optional, free choice, health plans sponsored by contributions of SABESP and the active participants, as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.&nbsp;&nbsp;&nbsp;&nbsp; Company: 7.2% (7.7% on December 31, 2017) on average, of gross payroll;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.&nbsp;&nbsp;&nbsp;&nbsp; Participating employees: 3.21% of base salary and premiums, equivalent to 2.5% of payroll, on average. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension plan benefits</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Funded plan &#8211; G1 (i)</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Present value of defined benefit obligations</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,532,338</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,319,841</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fair value of the plan&#8217;s assets</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(2,168,436)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,931,380)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Net liabilities recognized for defined benefit obligations</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>363,902</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>388,461</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Unfunded plan &#8211; G0 (iii)</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Present value of defined benefit obligations</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,606,107</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,543,877</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Net liabilities recognized for defined benefit obligations</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,606,107</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,543,877</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Liability as per statement of financial position &#8211; pension obligations</FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(*)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,970,009</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,932,338</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia>Despite the decrease in interest rate in the year, the decrease of actuarial deficit was mainly due to the higher profitability of the plan&#8217;s assets.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>16<FONT style="FONT-SIZE: 11pt" face=Georgia>2</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia>Pursuant to CPC33 (R1) and IAS19, the Company recognizes (gains)/losses arising from changes in assumptions under equity as equity valuation adjustments, as shown below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>G1 Plan</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>G0 Plan</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Total</FONT></B></P></DIV></TD></TR>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>As of December 31, 2018</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Actuarial gains/(losses) on obligations</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(114,188)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(10,783)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(124,971)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Gains/(losses) on financial assets</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>113,869</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>113,869</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Total gains/(losses)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(319)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(10,783)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(11,102)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Deferred income tax and social contribution </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>108</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>108</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Valuation adjustments to equity</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(211)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(10,783)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(10,994)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>G1 Plan</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>G0 Plan</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Total</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>As of December 31, 2017</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Actuarial gains/(losses) on obligations</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>305,511</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>51,535</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>357,046</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Gains/(losses) on financial assets</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>52,083</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>52,083</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Total gains/(losses)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>357,594</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>51,535</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>409,129</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Deferred income tax and social contribution </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(121,582)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(121,582)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Valuation adjustments to equity</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>236,012</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>51,535</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>287,547</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G1 Plan</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Managed by Sabesprev, the defined benefit plan (&#8220;G1 Plan&#8221;) receives similar contributions established in a plan of subsidy of actuarial study of Sabesprev, as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt 35.7pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>0.99% of the portion of the salary of participation up to 20 salaries; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt 35.7pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>8.39% of the surplus, if any, of the portion of the salary of participation over 20 salaries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018, SABESP had a net actuarial liability of R$ 363,902 (R$ 388,461 as of December 31, 2017) representing the difference between the present value of the Company's defined benefit obligations to the participating employees, retired employees, and pensioners; the fair value of the plan&#8217;s assets.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>16<FONT style="FONT-SIZE: 11pt" face=Georgia>3</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Defined benefit obligation, beginning of the year</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,319,841</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,465,721</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Current service cost</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>13,905</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>17,582</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Interest cost</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>213,201</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>260,409</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial (gains)/losses recorded as other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>114,188</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(305,511)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Benefits paid</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(128,797)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(118,360)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Defined benefit obligation, end of the year</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,532,338</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,319,841</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The fair value changes of the plan during the year are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fair value of the plan&#8217;s assets, beginning of the year</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,931,380</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,712,551</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expected return on the plan&#8217;s assets</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>179,449</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>183,689</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Company&#8217;s contributions</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>36,199</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>48,742</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expected participants&#8217; contributions</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>36,336</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>52,675</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Benefits paid</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(128,797)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(118,360)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial gains/(losses) recorded as other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>113,869</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>52,083</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fair value of the plan&#8217;s assets, end of the year</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,168,436</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,931,380</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(Deficit)/Surplus</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(363,902)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(388,461)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The amounts recognized in the year are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Current service expenses</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(22,431)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(35,093)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Interest cost rate</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>213,201</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>260,409</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expected return on the plan&#8217;s assets</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(179,449)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(183,689)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total expenses</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>11,321</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>41,627</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>164</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2018, the expenses related to defined pension plan amounting to R$&nbsp;7,530, R$&nbsp;1,133 and R$&nbsp;704 were recorded in operating costs, and selling and administrative expenses, respectively (R$&nbsp;35,156, R$&nbsp;1,864 and R$&nbsp;619 in 2017). The amount of R$&nbsp;1,955 (R$&nbsp;3,988 in 2017) was capitalized in intangible assets. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Estimated expenses </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2019</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Service cost</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>8,610</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Interest rates cost</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>224,429</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Participants&#8217; contribution</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(31,712)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Net profitability on financial assets</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(192,965)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expense to be recognized by the employer</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>8,362</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Actuarial assumptions:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD></TR>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Discount rate &#8211; actual rate (NTN-B) </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4.91% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5.35% p.a.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Inflation rate</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4.01% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3.96% p.a.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expected rate of return on assets</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>9.12%p.a.</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>9.52%p.a.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Future salary increase</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6.09% p.a.</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6.04% p.a.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Mortality table</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>AT-2000</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>AT-2000</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The active participants as of December 31, 2018 totaled 4,056 (4,317 as of December 31, 2017), while inactive participants were 7,149 (6,978 as of December 31, 2017).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The expected benefit to be paid in 2019 referring to the G1 pension plan is R$&nbsp;177,516.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The contributions of the Company and participants of the G1 Plan in 2018 were R$&nbsp;36,199 (R$&nbsp;48,742 in 2017) and R$&nbsp;36,336 (R$&nbsp;52,047 in 2017), respectively. Of this amount, the Company and the participants&#8217; payments corresponding to the actuarial deficit of the G1 pension plan totaled R$&nbsp;26,672 and R$&nbsp;16,832, respectively, in 2018.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>16<FONT style="FONT-SIZE: 11pt" face=Georgia>5</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Sensitivity analysis of the defined benefit pension plan on December 31, 2018 regarding the changes in the main assumptions are</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Plan &#8211; G1</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Change in assumption</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Impact on present value of the </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>defined benefit obligations</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Discount rate</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of 1.0% </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of R$&nbsp;263,661</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of 1.0% </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of R$&nbsp;319,455</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Life expectation</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of 1 year </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of R$&nbsp;48,558</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of 1 year </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of R$&nbsp;49,705</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Wage increase rate</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of 1.0% </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of R$&nbsp;31,418</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of 1.0% </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of R$&nbsp;27,019</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Plan&#8217;s assets</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The plan&#8217;s investment policies and strategies are aim at getting consistent returns and reduce the risks associated to the utilization of financial assets available on the Capital Markets through diversification, considering factors, such as the liquidity needs and the long-term nature of the plan liability, types and availability of financial instruments in the local and international markets, general economic conditions and forecasts as well as requirements under the law.&nbsp; The plan's asset allocation management strategies are determined with the support of reports and analysis prepared by Sabesprev and independent financial advisors:</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>16<FONT style="FONT-SIZE: 11pt" face=Georgia>6</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fixed income</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp; NTNBs</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,225,738</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,064,935</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp; NTNCs</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>163,966</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>146,495</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Government bonds in own portfolio</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(a)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,389,704</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,211,430</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fixed income fund quotas </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(b)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>87,939</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>260,352</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Private credit investment fund quotas </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(c)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>135,454</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Debentures</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,902</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total fixed income</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,477,643</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,611,138</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Equities</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Stocks investment fund quotas</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(d)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>249,740</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>195,459</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Shares</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,903</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total equities</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>249,740</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>199,362</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Structured investments</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Equity investment fund quotas</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(e)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>121,043</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>86,193</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Real estate investment fund quotas</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(f)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>27,170</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Multimarket investment fund quotas</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(g)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>310,785</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total structured investments</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>431,828</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>113,363</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(h)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>9,225</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>7,517</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fair value of the plan&#8217;s assets</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,168,436</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,931,380</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(a) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Fixed income: it is composed of government bonds issued by the National Treasury, between 2024 and 2055. These instruments are indexed by NTN-b indexed by IPCA (Extended Consumer Price Index) and NTN-c indexed by IGPM (General Market Price Index)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(b) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Fixed Income Fund Quotas: investment funds that seek return on fixed income assets and shall have at least, 80% of the portfolio in directly related assets, summed up via derivatives to the risk factor</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(c) Private Credit Investment Fund Quotas: funds that seek return by means of the acquisition of operations representing corporate debts or disseminated receivables portfolios (rights or bonds), originated and sold by several assignors who anticipate funds and have receivables from several business activities as guarantee.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>167</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(d) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Equities: equity fund composed of Brazilian companies&#8217; stocks listed at</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> B3.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(e) Equity Investment Fund Quotas: it is composed of a closed-ended investment fund. The assets under its management are destined to the acquisition of stocks, debentures, warrants or other securities convertible or swappable into shares issued by companies trading in stock exchanges or not.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(f) Real Estate Investment Fund Quotas: Funds investing in real estate projects (commercial buildings, shopping centers, hospitals, etc.). The return on capital invested occurs by sharing the Fund&#8217;s proceeds or sale of its quotas in the Fund.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(g) Multimarket Investment Fund Quotas: Investment funds that use several investment strategies available in the capital markets in order to obtain return higher than the CDI.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(h) Other: Investment fund quotas in global companies&#8217; stocks, mostly US companies, borrowings, real estate, etc., reducing operational and contingent liabilities.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Restrictions with respect to asset portfolio investments, in the case of federal government securities</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>i) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>instruments securitized by the National Treasury will not be permitted;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>ii) derivative instruments must be used for hedge only</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Restrictions with respect to asset portfolio investments, in the case of variable-income securities for internal management, are as follows</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>i) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>day-trade operations will not be permitted;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>ii) sale of uncovered share is prohibited;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>iii) swap operations without guarantee are prohibited;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>iv) leverage will not be permitted, i.e., operations with derivatives representing leverage of asset or selling short, such operations cannot result in losses higher than&nbsp;&nbsp; invested amounts</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018, Sabesprev did not have financial assets issued by the Company in its own portfolio; however, said assets could have been part of the investment fund portfolio invested by the Foundation. The real estate held in the portfolio is not used by the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The assets&#8217; consolidated profitability came to 11.75% in 2018, exceeding its actuarial target of 9.12% in the same period (INPC + 5.5% p.a.). In 2017, profitability reached 12.02%, also exceeding the variation of the actuarial target for that year, of 7.68%.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Concerning Fixed Income, the strategies focused on federal government bonds prevailed. Said bonds appreciated due to the result of presidential election, which market agents believe may give rise to liberal reforms.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Concerning Equities, investments appreciated for the same reason, which led to the appreciation of fixed income investments. The return of Ibovespa reached 15.03% in 2018 and 26.86% in 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Structured Investments also appreciated due to the valuation of investees, which are currently more developed than in previous years, in addition to dividend payments in 2018.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private pension plan benefits &#8211; Defined contribution</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018, Sabesprev Mais plan, based on defined contribution, had 9,586 active and assisted participants (9,328 as of December 31, 2017).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>With respect to the Sabesprev Mais plan, the contributions from the sponsor represent 100% over the total basic contribution from the participants. In 2018, expenses related to the obligation of defined contribution, totaling <BR>R$ 13,227, R$ 1,820 and R$ 3,599, were allocated to operating costs, selling expenses and administrative expenses.&nbsp; The amount of R$ 2,115 was capitalized in assets. In August 2016, the Company concluded the migration process initiated in 2010 and paid R$ 30,891, corresponding to a non-recurring contribution and incentive to participants who migrated, and R$ 7,214, corresponding to the previous balance, related to the migration that began in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company has made contributions in the amount of R$&nbsp;20,762 in 2018 (R$&nbsp;19,220 as of December 31, 2017).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(iii)&nbsp;&nbsp;&nbsp; G0 Plan</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Pursuant to State Law 4,819/58, employees who started providing services prior to May 1974 and retired as an employee of the Company acquired a legal right to receive supplemental pension payments, which rights are referred as "G0 Plan ". The Company pays these supplemental benefits on behalf of the State Government and makes claims for reimbursements from the State Government, which are recorded as accounts receivable from related parties, limited to the amounts considered virtually certain that will be reimbursed by the State Government. As of December 31, 2018, the Company recorded a defined benefit obligation for the G0 Plan of R$ 2,606,107 (R$ 2,543,877 as of December 31, 2017).</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>169</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Defined benefit obligation, beginning of the year</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,543,877</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,512,080</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Current interest expense and service costs</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>232,248</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>262,873</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial (gains)/losses recorded as other comprehensive income</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>10,783</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(51,535)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Benefits paid</FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(180,801)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(179,541)</FONT></P></DIV></TD></TR>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Defined benefit obligation, end of the year</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,606,107</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,543,877</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The amounts recognized in the year are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Current interest expense and service costs</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>232,248</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>262,873</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amount received from GESP (undisputed amount)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(96,282)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(95,191)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total expenses</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>135,966</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>167,682</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>In 2018 and 2017, the expenses related to the defined benefit obligation under Plan G0 were recorded in administrative expenses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Estimated expenses</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2019</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Interest rate cost</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>227,367</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expense to be recognized</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>227,367</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The main actuarial assumptions used are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Discount rate &#8211; actual rate (NTN-B) </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4.84% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5.30% p.a.</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Inflation rate</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4.01% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3.96% p.a.</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Future salary increase</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6.09% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6.04% p.a.</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Mortality table</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>AT-2000</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>AT-2000</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The number of active participants of the Go Plan on December 31, 2018 and 2017 was 10. The number of beneficiaries and retirees as of December 31, 2018 was 2,038 (2,294 as of December 31, 2017). </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The benefit payable from the Go pension plan expected for 2019 is R$&nbsp;188,328.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The sensitivity analysis of defined benefit pension plan on December 31, 2018 to the changes in the main assumptions is:</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Funded plan &#8211; G0</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Change in assumption</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Impact on the present value of the defined benefit obligations</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Discount rate</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of 1.0% </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of R$&nbsp;233,665</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of 1.0% </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of R$&nbsp;275,063</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Life expectation</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of 1 year</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of R$&nbsp;81,430</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of 1 year</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of R$&nbsp;81,436</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Wage growth rate</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of 1.0% </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of R$&nbsp;280,410</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of 1.0% </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of R$&nbsp;241,841</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit sharing</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company has a profit-sharing program in accordance with an agreement with labor union and SABESP. The period covered represents the Company fiscal year, from January to December 2018. The limit of the profit sharing is up to one-month salary for each employee, depending on performance goals reached. As of December 31, 2018, the Program&#8217;s balance payable was recorded under &#8220;salaries, payroll charges and social contributions&#8221; in the amount of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>R$&nbsp;110,464 (R$&nbsp;94,352 as of December 31, 2017).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 105%" face=georgia>22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services payable</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The services account records the balances payable, mainly from services received from third parties, such as supply of electric power, reading of hydrometers and delivery of water and sewage bills, cleaning, surveillance and security services, collection, legal counsel services, audit, marketing and advertising and consulting services, among others. This account also includes the amounts payable related to the transfer of 7.5% of revenue from the S&#227;o Paulo local government to the Municipal Fund (Note 15 (c) (v) (6)). The balances as of December 31, 2018 and 2017 were <BR>R$ 454,022 and R$ 408,275, respectively.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 105%" face=georgia>23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knowledge Retention Program</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In June 2018, SABESP implemented the Knowledge Retention Program (PRC), aiming to provide personnel planning conditions and mitigate the impact of the exit of employees who possess strategic knowledge acquired throughout their career.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The period to enroll in the Program was from July 2, 2018 to October 31, 2018; however, the final term was postponed to November 30, 2018. Employment terminations will be carried out based on a previously set schedule, during the validity of the Program, i.e. from January 2, 2019 to December 30, 2020</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>For those enrolled in the Program, the compliance with the agreements of the Collective Bargaining Agreement effective on the date of termination is thereby guaranteed. They will also receive a severance incentive proportional to the length of service at SABESP, corresponding to a percentage of the balance of the Guarantee Fund for Length of Service (FGTS), for termination purposes, on the date of termination, as per the table below</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></P>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Length of service at SABESP (years)</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>more than 15</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>40%</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>11 - 15</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>30%</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6 - 10</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>15%</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>0 - 5</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2018, the Company recorded R$ 196,472, corresponding to the provision of compensatory payments of employees enrolled in the Program, R$ 74,324 of which recorded under current liabilities and R$</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.3pt; LINE-HEIGHT: 110%" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>122,148</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.3pt; LINE-HEIGHT: 110%" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>under noncurrent liabilities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>For employees eligible to the Consent Decree (TAC) entered into with the S&#227;o Paulo State Prosecution Office in 2009 who joined the Program, the Company reversed R$ 170,303 in 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.3pt; LINE-HEIGHT: 110%" face=georgia> the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>total</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.35pt; LINE-HEIGHT: 110%" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>provisioned corresponding to TAC</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.3pt; LINE-HEIGHT: 110%" face=georgia> was </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>R$</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.3pt; LINE-HEIGHT: 110%" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>140,818,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.35pt; LINE-HEIGHT: 110%" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>R$</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.6pt; LINE-HEIGHT: 110%" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>136,293 of which was recorded under current liabilities and R$</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; LINE-HEIGHT: 110%" face=georgia> 4</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>,525</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; LINE-HEIGHT: 110%" face=georgia> under noncurrent liabilities</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>172</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 105%" face=georgia>24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Authorized capital</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>On December 13, 2018, the Board of Directors approved a capital increase of R$ 10,000,000 to R$ 15,000,000 (authorized limit) with capitalization of part of the investment reserve in the amount of R$ 5,000,000</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Subscribed and paid-in capital</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018 and 2017, subscribed and paid-in capital was represented by 683,509,869 registered, book-entry common shares with no par value, as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 8.5pt 2.4pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" colSpan=2 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" colSpan=2 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 8.5pt 2.4pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Number of shares</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>%</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Number of shares</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>%</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>State Department of Finance</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>343,524,285</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>50.26%</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>343,524,285</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>50.26%</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT style="FONT-SIZE: 9pt" face=georgia>Companhia Brasileira de Liquida&#231;&#227;o e Cust&#243;dia</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>212,612,143</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>31.10%</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>201,026,895</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>29.41%</FONT></P></TD></TR>

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   <P style="MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>The Bank of New York ADR Department&nbsp;&nbsp; (equivalent in shares) (*)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>125,278,967</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>18.33%</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>136,790,413</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>20.01%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Other</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,094,474</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>0.31%</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,168,276</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>0.32%</FONT></P></DIV></TD></TR>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>683,509,869</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>100.00%</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%" noWrap>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>683,509,869</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>100.00%</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia>(*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; each ADR corresponds to 1 share.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>17<FONT style="FONT-SIZE: 11pt" face=Georgia>3</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia>(c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia>Distribution of earnings</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Shareholders are entitled to a minimum mandatory dividend of 25% of the adjusted net income calculated according to Brazilian Corporate Law.&nbsp; The dividends do not bear interest and the amounts not claimed within three years from the date of the Shareholders' Meeting that approved them mature in favor of the Company</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2018</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Net income for the year</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,835,068</FONT></P></TD></TR>

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   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="84%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(-) Legal reserve - 5%</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>141,755</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,693,313</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Minimum mandatory dividend &#8211; 25% (R$&nbsp;0.9851 per share)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>673,328</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>On April 27, 2018, the Shareholders&#8217; General Meeting approved the distribution of dividends as interest on equity amounting to R$ 105,543, for the 2017 fiscal year. Therefore, the amount of R$ 53,539 related to the surplus minimum mandatory dividends of 25%, set forth in the Bylaws, recorded in the 2017 equity under &#8220;Additional proposed dividends&#8221; was transferred to current liabilities.&nbsp; These amounts started being paid in June 2018. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company proposed dividends as interest on capital </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>ad referendum</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> of the Annual Shareholders&#8217; Meeting of 2019, in the amount of R$ 673,328 (R$ 598,336 in 2017) and additional proposed dividends in the amount of R$ 118,859 (R$ 105,543 in 2017), totaling R$ 792,187 (R$ 703,879 in 2017), corresponding to R$ 1.1590 per common share <BR>(R$ 1.0298 in 2017), to be resolved on the Shareholders&#8217; Meeting to be held on April 29, &nbsp;2019. The amount of <BR>R$ 118,859 (R$&nbsp;105,543 in 2017) was reclassified to &#8220;Additional proposed dividend&#8221; under Equity and included withholding income tax of R$&nbsp;58,258 (R$&nbsp;52,004 in 2017). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=georgia>Pursuant to CVM Resolution 207/96, the Company imputed interest on equity to the minimum dividend by its net value of withholding income tax. The amount of R$ 58,258 (R$ 52,004 in 2017) referring to withholding income tax was recognized in current liabilities, in order to comply with tax liabilities related to the credit of interest on equity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The interest on equity balance payable on December 31, 2018, totaling R$ 673,765 (R$ 598,612 in 2017), refers to the amount of R$ 673,328 (R$ 598,336 in 2017) declared in 2018, net of withholding income tax and R$ 437 declared in previous years (R$&nbsp;276 in 2017).</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(d)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Legal reserve</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" color=black face=georgia>Earnings reserve - legal reserve is a requirement for all Brazilian corporations and represents an allocation of retained earnings of 5% of annual net income determined based on Brazilian law, up to 20% of capital.&nbsp; However, we are not required to make any allocations to our legal reserve in a year in which the legal reserve, when added to our other established capital and earnings reserves, exceeds 30% of our capital stock. The amounts allocated to such reserve may only be used to increase our capital stock or to offset losses and are not available for the payment of dividends</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(e)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Investments reserve</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" color=black face=georgia>Earnings reserve - investments reserve is specifically formed by the portion corresponding to own funds assigned to the expansion of the water supply and sewage treatment systems, based on capital budget approved by the Management.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" color=black face=georgia>As of December 31, 2018 and 2017, the balance of investment reserve totaled R$ 3,840,422 and R$ 6,939,296, respectively.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Pursuant to paragraph four of article 28 of the Bylaws, the Board of Directors may propose to the Shareholders&#8217; Meeting that the remaining balance of profit for the year, after deducting the legal reserve and minimum mandatory dividends, be allocated to an investment reserve that will comply with the following criteria</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>: </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 48.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>I-&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>its balance, jointly with the balance of the other earnings reserves, except for reserves for contingencies and realizable profits, may not exceed the capital stock</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 48.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>II- </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>the reserve is intended to guarantee the investment plan and its balance may be used</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 3pt 56.7pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>a) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>to absorb losses, whenever necessary; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt 56.7pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>b) to distribute dividends, at any moment; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt 56.7pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>c) in share redemption, reimbursement or purchase transactions authorized by law; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 3pt 56.7pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>d) in incorporation to the capital stock</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allocation of profit for the year</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: 1.7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>2018</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>Profit </FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>(+)</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>Profit for the year</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>2,835,068</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>(-)</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>Legal reserve &#8211; 5%</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>141,755</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>(-)</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>Minimum mandatory dividends </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>673,328</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>(-)</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>Additional proposed dividends</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>118,859</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>Investment reserve recorded in 2018</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>1,901,126</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>175</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Management will send for approval at the Shareholders&#8217; Meeting, a proposal to reallocate retained earnings the amount of R$1,901,126 to the Investment Reserve account, in order to meet the investment needs foreseen in the Capital Budget</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(g)&nbsp; Retained earnings</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>Retained earnings (accumulated losses): the statutory balance of this account is zero as all retained earnings must be distributed or allocated to an earnings reserve</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(h) &nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Other comprehensive loss</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>Gains and losses arising from changes in the actuarial assumptions are accounted for as equity valuation adjustments, net of income tax and social contribution effects. See Note 21 (b), the breakdown of amounts recorded in </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>2018 and 2017.</FONT></P>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>G1</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>G0</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Balance </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>as of</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia> December 31, 2017</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>70,927</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(609,028)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(538,101)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial gains/(losses) for the year (Note 21 (b))</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(211)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(10,783)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(10,994)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Balance </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>as of</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia> December 31, 2018</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>70,716</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(619,811)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(549,095)</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 105%" face=georgia>25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings per share</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><STRONG><FONT size=2 face=Georgia></FONT></STRONG>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Basic and diluted</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 105%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Basic earnings per share is calculated by dividing the equity attributable to the Company&#8217;s owners by the weighted average number of outstanding common shares during the year. The Company does not have potentially dilutive common shares outstanding or debts convertible into common shares. Accordingly, basic and diluted earnings per share are equal.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 105%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 2pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Earnings attributable to Company&#8217;s owners</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2,835,068</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,519,310</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Weighted average number of common shares issued</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>683,509,869</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>683,509,869</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Basic and diluted earnings per share (reais per share)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4.15</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3.69</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>176</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 105%" face=georgia>26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating segment information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Management, comprised of the Board of Directors and Board of Executive Officers, has determined the operating segment used to make strategic decisions, as sanitation services.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Result</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%" colSpan=3 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2018</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></I></B>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Sanitation (i)</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Reconciliation to the financial statements (ii)</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Balance as per financial </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>statements</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Gross operating income </FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>14,253,609</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,802,670</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>17,056,279</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Gross sales deductions</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(971,185)</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(971,185)</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Net operating income </FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>13,282,424</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,802,670</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>16,085,094</FONT></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=georgia>Costs, selling, general and administrative expenses</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(8,203,883)</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(2,739,657)</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(10,943,540)</FONT></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Income from operations before other operating expenses, net and equity accounting </FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5,078,541</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>63,013</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5,141,554</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Other operating income/(expenses), net</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>28,591</FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Equity accounting</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>6,510</FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Financial result, net</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,264,336)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Income before taxes</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,912,319</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,392,541)</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,392,541)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(i) See note 33 for further information about non-cash items, other than depreciation and amortization that impact segmet results, and for additionals to long-lived asset information;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 58.15pt; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(ii) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Construction revenue and related costs not reported to the CODM.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>17<FONT style="FONT-SIZE: 11pt" face=Georgia>7</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></DIV>

<DIV align=left>

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<TR style="HEIGHT: 28.35pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%" colSpan=3 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2017</FONT></B></P></DIV></TD></TR>

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   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Sanitation (i)</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Reconciliation to the financial statements (ii)</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Balance as per financial </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>statements</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Gross operating income </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>12,223,746</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,150,877</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>15,374,623</FONT></P></DIV></TD></TR>

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   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Gross sales deductions</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(766,390)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(766,390)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Net operating income </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>11,457,356</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,150,877</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>14,608,233</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=georgia>Costs, selling, general and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(7,566,104)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(3,080,542)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(10,646,646)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Income from operations before other operating expenses, net and equity accounting </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,891,252</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>70,335</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,961,587</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Other operating income/(expenses), net</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(5,679)</FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Equity accounting</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5,760</FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Financial result, net</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(458,054)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Income from operations before taxes</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,503,614</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,301,897)</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,301,897)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 58.15pt; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(i) See note 33 for further information about non-cash items, other than depreciation and amortization that impact segmet results, and for additionals to long-lived asset information;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(ii) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Construction revenue and related costs not reported to the CODM </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>17<FONT style="FONT-SIZE: 11pt" face=Georgia>8</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Explanation on the reconciliation items for the financial statements.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The impacts on gross operating income and costs are as follows:</FONT></P>

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<TR style="HEIGHT: 17pt">

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Gross revenue from construction recognized under </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>ICPC 1 (R1) (a)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,802,670</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,150,877</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Construction costs recognized under ICPC 1 (R1) (a)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(2,739,657)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(3,080,542)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Construction margin</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>63,013</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>70,335</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Revenue from concession construction contracts is recognized in accordance with Note 3.3 (b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia>)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>27&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company has insurance that covers fire and other damage to its assets and office buildings, and liabilities to third parties, among others. It also has civil liability insurance for the members of the Board of Directors and Board of Executive Officers (&#8220;D&amp;O insurance&#8221;) and guarantee insurance for escrow deposit (as described in Note 20 (f)) and traditional guarantee insurance. The Company contracts insurance through biddings processes with the participation of the main Brazilian and international insurance companies that operate in Brazil</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2018, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia>the Company&#8217;s insurance coverage is as follows</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Coverage</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Specified risks &#8211; fire</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,007,219</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Engineering risk</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>911,961</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Guarantee insurance for escrow deposit</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>500,000</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Traditional guarantee insurance</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>100,000</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Civil liability&#8211; D&amp;O (Directors and Officers)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>100,000</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Civil liability &#8211; works</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>72,435</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Domestic and international transportation</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>11,470</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Civil liability &#8211; operations</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5,000</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>14</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,708,099</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>179</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating revenue</FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(a)&nbsp;&nbsp;&nbsp; Revenue from sanitation services:</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2018</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2017</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Metropolitan region of S&#227;o Paulo</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>10,295,509</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>8,636,926</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Regional Systems </FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,958,100</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,586,820</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Total </FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>14,253,609</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>12,223,746</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>(b)&nbsp;&nbsp;&nbsp; Reconciliation between gross operating income and net operating income:</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Revenue from sanitation services (i)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>14,253,609</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>12,223,746</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Construction revenue</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,802,670</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,150,877</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Sales tax</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(916,808)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(757,619)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Regulation, Control and Oversight Fee (TRCF) (ii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(54,377)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(8,771)</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Net revenue</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>16,085,094</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>14,608,233</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

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<TR>

   <TD vAlign=top width="3%" align=center>

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Georgia>(i)</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Georgia>Includes the amount of R$&nbsp;63,901 from the TRCF charged from customers from the municipalities regulated by ARSESP.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="3%" align=center>

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Georgia>(ii)</FONT></P></TD>

   <TD vAlign=top width="97%">

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Georgia>Amount payable to ARSESP referring to regulation, control and oversight activities, pursuant to State Complementary Law 1,025/07.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>180</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating costs and expenses</FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Operating costs</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Salaries, payroll charges and benefits</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,959,539)</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,841,571)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Pension obligations</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(25,066)</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(48,381)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Construction costs (Note 26)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(2,739,657)</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(3,080,542)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.3pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; General supplies</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(238,034)</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(163,712)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Treatment supplies</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(265,146)</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(287,592)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Outsourced services</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(996,477)</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(857,063)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Electricity</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(956,840)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(794,352)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; General expenses</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(629,253)</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(531,985)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,276,444)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,173,765)</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(9,086,456)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(8,778,963)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Selling expenses</FONT></P></TD>

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<TR style="HEIGHT: 15.3pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Salaries, payroll charges and benefits</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(289,378)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(305,440)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Pension obligations</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(3,602)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(7,296)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; General supplies</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(6,391)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(4,451)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Outsourced services</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(273,470)</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Electricity</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,154)</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; General expenses</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(102,213)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(94,112)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(17,272)</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(15,664)</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(693,480)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(686,012)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Bad debt expense,</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.65pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>net</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.75pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>of</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.7pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>recoveries</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia> (Note 9 (c))</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(166,727)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(82,681)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Administrative expenses</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Salaries, payroll charges and benefits</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(254,284)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(229,752)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Pension obligations</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(141,758)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(171,830)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; General supplies</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(4,881)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(5,675)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Outsourced services</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(204,728)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(183,746)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Electricity</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,363)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(965)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; General expenses</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(232,288)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(302,113)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(98,825)</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(112,468)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.3pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Tax expenses</FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(58,750)</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(92,441)</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(996,877)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,098,990)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.3pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Operating costs and expenses</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.3pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Salaries, payroll charges and benefits</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(2,503,201)</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(2,376,763)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.3pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Pension obligations</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(170,426)</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(227,507)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.3pt">

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Construction costs (Note 26)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(2,739,657)</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(3,080,542)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.3pt">

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; General supplies</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(249,306)</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(173,838)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.3pt">

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Treatment supplies</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(265,146)</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(287,592)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.3pt">

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Outsourced services</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,474,675)</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,299,096)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.3pt">

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Electricity</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(959,357)</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(796,079)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.3pt">

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; General expenses</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(963,754)</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(928,210)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.3pt">

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,392,541)</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,301,897)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.3pt">

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Tax expenses</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(58,750)</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(92,441)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.3pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bad debt expense, net of recoveries (Note 9 (c)) </FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(166,727)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(82,681)</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(10,943,540)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(10,646,646)</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>30&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial income (expenses)</FONT></B></P></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 2.4pt 2.85pt 2.4pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2018</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2017</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Financial expenses</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Interest and charges on borrowings and financing &#8211; local currency (i)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(332,149)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(289,780)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Interest and charges on borrowings and financing &#8211; foreign currency (ii)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(171,686)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(119,100)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other financial expenses (iii)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(187,563)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(97,533)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Income tax over international remittance</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(19,779)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(17,901)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Inflation adjustment on borrowings and financing (iv)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(66,183)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(62,787)</FONT></P></TD></TR>

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   <P style="MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other inflation adjustments (v)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(45,193)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(50,941)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Interest and inflation adjustments on provisions (vi)</FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>14,586</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(50,238)</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total financial expenses</FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(807,967)</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(688,280)</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Financial income</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Inflation adjustment gains (vii)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>105,952</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>89,010</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Income on short-term investments (viii)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>187,094</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>195,992</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Interest income (ix)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>175,939</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>57,166</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Cofins and Pasep </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(22,693)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(16,366)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>10</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>442</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total financial income</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>446,302</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>326,244</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Financial income (expenses), net before exchange rate changes</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(361,665)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(362,036)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Net exchange gains (losses)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Exchange rate changes on borrowings and financing (x)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(915,897)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(96,300)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Exchange rate changes on assets</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>13,235</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>336</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other exchange rate changes</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(9)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(54)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Exchange rate changes, net</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(902,671)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(96,018)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Financial income (expenses), net</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,264,336)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(458,054)</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>18<FONT style="FONT-SIZE: 11pt" face=Georgia>2</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>(i)</FONT></P></TD>

   <TD vAlign=top width="92%">

   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>Increase of R$&nbsp;42.4 million in interest and charges on local borrowings and financing, mainly due to the lower amount capitalized to investments in 2017 compared to 2018.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>(ii)</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>Increase of R$&nbsp;52.6 million in interest from foreign borrowings and financing, mainly due to higher appreciation of the U.S. dollar and Yen against the real in 2018 (17.1% and 20.0%, respectively), compared to the appreciations in 2017 (1.5% and 5.3%, respectively).</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>(iii)</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>The change in other financial expenses was mainly due an increase in interest charged on Public-Private Partnership (PPP) agreements, after the startup of the S&#227;o Louren&#231;o Production System (SPSL) in 2018.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>(iv)</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>The monetary variation derives mainly from the higher variation of the IPCA in 2018, versus 2017 (3.75% and 2.95%, respectively). The exposures to this rate are shown in Note 5.1 (d).</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>(v)</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>It represents mainly expenses with the inflation adjustment of Public-Private Partnership agreements, program contract commitments and agreements.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>(vi)</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>Lower expenses, mainly due to the higher number of provisions reversed in 2018.</FONT></P></TD></TR>

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   <TD vAlign=top width="8%" align=center>

   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>(vii)</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>The monetary variation gains increased mainly due to the restatement on escrow deposits.</FONT></P></TD></TR>

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   <TD vAlign=top width="8%" align=center>

   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>(viii)</FONT></P></TD>

   <TD vAlign=top width="92%">

   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>The decrease is a result of the reduction in the CDI rate, of 6.89% p.a. in 2017 and 6.42% p.a. in 2018, combined with the remuneration of the percentage of the CDI rate, of 98.88% in 2017 and 98.28% in 2018.</FONT></P></TD></TR>

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   <TD vAlign=top width="8%" align=center>

   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>(ix)</FONT></P></TD>

   <TD vAlign=top width="92%">

   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>The R$&nbsp;118,773 increase in interest income arises mainly from the recognition of interest on installment payment agreements entered into with customers in 2018.</FONT></P></TD></TR>

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   <TD vAlign=top width="8%" align=center>

   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>(x)</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Georgia>The change in expenses mainly reflects the higher appreciation of the U.S. dollar and Yen against the real in 2018 (17.1% and 20.0%, respectively), compared to the appreciations in 2017 (1.5% and 5.3%, respectively).</FONT></P></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>183</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating income (expenses), net</FONT></B></P></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2018</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Other operating income, net </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>93,089</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>75,410</FONT></P></TD></TR>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Other operating expenses </FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(64,498)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(81,089)</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Other operating income (expenses), net</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>28,591</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(5,679)</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Other operating income is comprised by sale of property, plant and equipment, sale of contracts awarded in public bids, right to sell electricity, indemnities and reimbursement of expenses, fines and collaterals, property leases, reuse water, PURA projects and services, net of Cofins and Pasep.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Other operating expenses consist mainly of derecognition of concessions assets due to obsolescence, discontinued construction works, unproductive wells, projects considered economically unfeasible, losses on property, plant and equipment and exceeding cost of electricity sold.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>32&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company has agreements to manage and maintain its activities, as well as agreements to build new projects aiming at achieving the objectives proposed in its target plan. Below, the main committed amounts on December 31, 2018:</FONT></P>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1 year</FONT></B></P></DIV></TD>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1-3 years</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3-5 years </FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>More than </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>5 years</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Contractual obligations - Expenses </FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,521,921</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>801,136</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>282,192</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,107,121</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,712,370</FONT></P></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Contractual obligations - Investments</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,675,326</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,213,620</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,009,148</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>5,737,495</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

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

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>11,635,589</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>4,197,247</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,014,756</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,291,340</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>6,844,616</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>15,347,959</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The main commitment refers to the S&#227;o Louren&#231;o PPP. See Note 15 (g).</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>18<FONT style="FONT-SIZE: 11pt" face=Georgia>4</FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>33&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplemental cash flow information</FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

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



<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total additions of contract assets (Note 14)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,188,943</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total additions to intangible assets (Note 15 (b))</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,144,728</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,490,298</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Items not affecting cash (see breakdown below)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(2,201,112)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,532,518)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total additions to intangible assets as per statement of cash flows</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,132,559</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,957,780</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Investment and financing operations affecting intangible assets but not cash:</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Interest capitalized in the year (Note 15 (d))</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>488,502</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>649,048</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Contractors payable</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>297,872</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>213,340</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Program contract commitments </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>149,974</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>95,126</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Public-Private Partnership &#8211; S&#227;o Louren&#231;o PPP (Note 15 (g)) </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>273,737</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>501,591</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Leases</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,078</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Construction margin (Note 26)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>63,013</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>70,335</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Agreement signed with the municipality of Guarulhos (Note 9 (a))</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>928,014</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,201,112</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,532,518</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>34&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Events after the reporting period</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<UL style="MARGIN-BOTTOM: 0in; MARGIN-TOP: 0in" type=disc>

<LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>S&#227;o Bernardo do Campo</FONT></B> </LI></UL>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>On March 12, 2019, the Executive Body (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Poder Executivo Municipal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>) of S&#227;o Bernardo do Campo submitted the Proposed Bill to the Municipal Chamber (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>C&#226;mara Municipal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>) with the purpose of signing the Contract for the Provision of Public Services between the Municipality, the State of S&#227;o Paulo, and Sabesp, in order to adjust the current contract to the current legislation.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The contract that enables the Company to provide services to the municipality of S&#227;o Bernardo was celebrated in December 2003, i.e., prior to the Federal Law No. 11,445 of 2007. Considering that this Law establishes specific rules and conditions to contract basic sanitation services, there is a need to adjust the contract to comply with this legislation</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<UL style="MARGIN-BOTTOM: 0in; MARGIN-TOP: 0in" type=disc>

<LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Santo Andr&#233;</FONT></B> </LI></UL>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>On March 20, 2019, was executed a Protocol of Intentions with the municipality of Santo Andr&#233; for the preparation of studies and evaluations aiming to resolve commercial relations and existing debts between the municipality and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>the Company</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2018 and 2017 </FONT></B></FONT><FONT face=georgia></FONT></P>

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<LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Second Ordinary Tariff Revision</FONT></B> </LI></UL>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>On May 24, 2018, in view of the result of the Second Ordinary Tariff Revision, the Company filed with ARSESP: (i) a request for reconsideration; and (ii) a request for clarification and revision. In the request for clarification and review, the Company requests revision of the value of the revenue of the city of S&#227;o Paulo used to calculate the financial component referring to municipal funds.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In reply, on February 28, 2019 ARSESP decided not to accept the request for reconsideration (administrative appeal). Regarding the request for clarification and revision, the ARSESP decided for its partial approval, which will imply an index of 0.8408%, to be applied at the same time of the annual tariff adjustment (May 2019)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Payment of debentures</FONT></B> </LI></UL>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company paid the installment corresponding to the 17<SUP>th</SUP> debenture issue, in the amount of R$&nbsp;279,797, in January 2019, settled the 15<SUP>th</SUP> debenture issue, in the amount of R$&nbsp;361,593, in February 2019, and prepaid the 20<SUP>th</SUP> debenture issue, in the amount of R$&nbsp;250,000, in March 2019.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Executive Officers&#8217; Statement on the Financial Statements </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>STATEMENT</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The executive officers of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP, with Corporate Taxpayer&#8217;s ID (CNPJ/MF) no. 43.776.517/0001-80, with headquarters located at Rua Costa Carvalho, n&#186; 300, Pinheiros, S&#227;o Paulo, declare that, in compliance with Paragraph 1 of Article 25, items V and VI of CVM Rule 480 of December 7, 2009 that:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>They revised, discussed and agreed with the financial statements for the year ended December 31, 2018.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>S&#227;o Paulo, March 28, 2019.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo &#8211; SABESP</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>/s/ Benedito Pinto Ferreira Braga Junior</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Chief Executive Officer</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>/s/ Rui de Britto &#193;lvares Affonso</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Chief Financial and Investor Relations Officer</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>/s/ Adriano Candido Stringhini</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Corporate Management Officer</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>/s/ Edison Airoldi</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Technology, Project and Environment Officer</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>/s/ Paulo Massato Yoshimoto</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Metropolitan Officer</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>/s/ Ricardo Daruiz Borsari</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Regional Systems Officer</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Executive Officers&#8217; Statement on the Report of Independent Registered Public Accounting Firm</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>STATEMENT</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The executive officers of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP, with Corporate Taxpayer&#8217;s ID (CNPJ/MF) no. 43.776.517/0001-80, with headquarters located at Rua Costa Carvalho, n&#186; 300, Pinheiros, S&#227;o Paulo, declare that, in compliance with Paragraph 1 of Article 25, items V and VI of CVM Rule 480 of December 7, 2009 that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>They revised, discussed and agreed with the Report of Independent Registered Public Accounting Firm on the financial statements for the year ended December 31, 2018.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>S&#227;o Paulo, March 28, 2019.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo &#8211; SABESP</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>/s/ Benedito Pinto Ferreira Braga Junior</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Chief Executive Officer</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>/s/ Rui de Britto &#193;lvares Affonso</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Chief Financial and Investor Relations Officer</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>/s/ Adriano Candido Stringhini</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Corporate Management Officer</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>/s/ Edison Airoldi</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Technology, Project and Environment Officer</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>/s/ Paulo Massato Yoshimoto</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Metropolitan Officer</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>/s/ Ricardo Daruiz Borsari</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Regional Systems Officer</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>FISCAL COUNCIL REPORT</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>The members of the Fiscal Council of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>COMPANHIA DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO &#8211; SABESP</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>, undersigned hereinbelow, within their duties and legal responsibilities, analyzed the Financial Statements, the Annual Management Report and the Management Proposal for the Allocation of Income, for the fiscal year ended December 31, 2018, and based on analysis conducted by Management and the Audit Committee, also considering the unqualified Report of Independent Registered Public Accounting firm of KPMG Auditores Independentes, dated March 28, 2019, declare that they were not aware of any fact or evidence that is not reflected in the Financial Statements, reason that they recommend to be sent for approval at the Shareholders&#8217; Meeting.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>S&#227;o Paulo, March 28, 2019.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>HUMBERTO MACEDO PUCCINELLI</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>LET&#205;CIA PEDERCINI ISSA MAIA</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 0in"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>PABLO ANDR&#201;S FERN&#193;NDEZ UHART</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>RUI BRASIL ASSIS</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>STATUTORY</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>AUDIT COMMITTEE&#8217;S SUMMARIZED ANNUAL REPORT - 2018</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>To the Board of Directors of</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo</FONT></P>

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<H1 style="PAGE-BREAK-AFTER: avoid; MARGIN: 6.5pt 0in 0in 0.5in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>PRESENTATION</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>The Statutory Audit Committee (Committee) of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo &#8211; SABESP is a body created at the Board of Directors&#8217; Meeting of June 26, 2006 and is composed of three independent members of the Board of Directors. Pursuant to the U.S. Securities and Exchange Commission (SEC), the Committee performs its duty as SABESP&#8217;s Audit Committee, in conformity with provisions of the Sarbanes-Oxley Act</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>. </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>The Committee reports to the Board of Directors and acts independently in the performance of its duties, working as an auxiliary and advisory body, without decision-making power or executive responsibilities. The Committee&#8217;s duties and responsibilities are performed in compliance with the applicable legal, statutory duties and defined in its Charter. The Committee&#8217;s responsibility is related to the review and monitoring, within its capacity of supervising the preparation processes and the publication of financial and audit reports.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>The Committee&#8217;s assessments are based on information received from Management, from independent auditors, internal audit, those in charge of risk management and internal controls and its own analyses deriving from its oversight and monitoring duties.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>At the Annual and Extraordinary Shareholders&#8217; Meeting of April 27, 2018, Messrs. Ernesto Rubens Gelbcke and Lucas Navarro Prado were elected as independent members of the Board of Directors and Mr. Lu&#237;s Eduardo Alves de Assis was elected by minority shareholders, at a separate voting session, as member of the Board of Directors. At the Board of Directors&#8217; Meeting of June 21, 2018, the members of the Statutory Audit Committee were elected, whereby <BR>Mr. Ernesto Rubens Gelbcke was appointed as financial expert and coordinator of the Committee.</FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; MARGIN: 6.5pt 0in 0in 0.5in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>ACTIVITIES PERFORMED IN THE PERIOD</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>In the period between March 28, 2018 and March 28, 2019, the Committee held 24 formal meetings with the executive officers, supervisors, managers, other employees, internal auditors and independent auditors. The main activities performed by the Committee were:</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>Review of the Audit Committee&#8217;s Internal Regulations;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>Review, approval and supervision of the Internal Audit&#8217;s work plan;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>Monitoring of the provisions and legal contingencies;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>Monitoring of corporate risk management;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>Monitoring of compliance activities;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>Assessment and monitoring of Internal Controls efficacy;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>Whistleblower Channel: Monitoring of verifications and complaints;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>Monitoring of the independent auditors&#8217; performance;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>Monitoring of the Ethics Committee&#8217;s activities;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>Monitoring of implementation of action plans, deriving from recommendations of Internal Audit and Independent Auditors;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>Identification and recommendation on processes improvement, during discussions with several areas involved, as well as the monitoring of these recommendations&#8217; implementations;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>Review of the Sustainability Report;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>Monitoring of the preparation process of financial statements; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>Review of the Interim Financial Information (ITR), Annual Management Report, Financial Statements, Reference Form, 20-F Form and Report on the Brazilian Corporate Governance Code.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>The minutes of the Committee&#8217;s meetings are handed over at the Board of Directors&#8217; meetings, when the Committee&#8217;s Coordinator and/or other Committee member reports and points out to other Board members, when appropriate, the relevant issues identified in the Committee&#8217;s activities and recorded in the meeting minutes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>The Committee held three meetings jointly with SABESP&#8217;s Fiscal Council to review the Interim Financial Information for the quarters ended June 30 and September 30, 2018 and the Financial Statements for the fiscal year ended December 31, 2018.</FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; MARGIN: 6.5pt 0in 0in 0.5in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>3.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>RECOMMENDATIONS TO IMPROVE BUSINESS PROCESSES</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>At the meetings held in the aforementioned periods with managers of the Company&#8217;s areas, several recommendations were given for corrective actions in control processes and business management. The pending issues and related replies to corrective actions are duly recorded in the minutes. The Committee periodically monitors the implementation of these improvements and the adjustments suggested.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<H1 style="PAGE-BREAK-AFTER: avoid; MARGIN: 6.5pt 0in 0in 0.5in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>ASSESSMENT OF EFFECTIVE INTERNAL CONTROL SYSTEMS</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>The methodology adopted by SABESP to analyze the internal controls is in conformity with the Internal Control - Integrated Framework, defined by The Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the Sarbanes-Oxley Act.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>SABESP&#8217;s Management is liable for designing and implementing internal control policies, processes and practices to enable the safeguarding of assets, the appropriate recognition of liabilities, the adhesion to the rules, integrity and accuracy of information.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>The Internal Audit is liable for assessing the level of service or observance by all SABESP&#8217;s areas, internal control procedures and practices and if they have been effectively applied.</FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; MARGIN: 6.5pt 0in 0in 0.5in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>5.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>ASSESSMENT OF EFFECTIVE INDEPENDENT AND INTERNAL AUDITS</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: 150%" face=georgia>The Committee also maintains a regular channel of communication with internal and independent auditors, allowing a broad discussion on their work results, the accounting aspects and relevant internal controls, and as a result, it assesses as fully satisfactory the volume and the quality of information provided by these professionals, who support their opinion on the adequacy and integrity of internal controls systems and the financial statements. Furthermore, the Committee did not identify situations which could affect the objectivity and independence of independent auditors and/or the autonomy of internal auditor.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>KPMG Auditores Independentes is the audit firm in charge of analyzing the financial statements and issuing an opinion as to their preparation in conformity with the accounting practices adopted in Brazil and the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: 150%" face=georgia>The Committee monitored the activities carried out by Internal and Independent Auditors, whether by means of periodic meetings, or review of reports issued. Accordingly, the Committee positively assesses the coverage and the quality of works performed by Internal and Independent Auditors, concerning the financial statements for the fiscal year ended December 31, 2018.</FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; MARGIN: 6.5pt 0in 0in 0.5in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>6.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>INTERNAL AUDIT&#8217;S STRUCTURE ADEQUACY AND BUDGET&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: 150%" face=georgia>The Audit Committee assessed the structure and budget of the Internal Audit, which were considered sufficient the performance of its activities.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<H1 style="PAGE-BREAK-AFTER: avoid; MARGIN: 6.5pt 0in 0in 0.5in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>7.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>&nbsp;EVALUATION AND QUALITY OF FINANCIAL STATEMENTS</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>Management is liable for defining and implementing the information systems which produce SABESP&#8217;s financial statements, in compliance with the Brazilian corporation law, the accounting practices, the standards issued by the Brazilian Securities Exchange Commission (CVM) and the international financial reporting standards (IFRS), issued by the International Accounting Standards Board (IASB), and as listed at the New York Stock Exchange (NYSE), the compliance with the standards issued by the U.S. Securities and Exchange Commission - SEC and the Sarbanes-Oxley Act.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>The Committee held meetings in several occasions with those in charge of the accounting department to analyze the procedures, which involved the process of drawing up the financial statements for the fiscal year ended December 31, 2018. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>Finally, it discussed with independent auditors the results of works and their conclusions on the auditing of referred financial statements, whose report is unqualified. The main issues discussed also referred to the accounting practices adopted in Brazil, as well as included recommendations and other notes to internal controls and presentation of the financial statements. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>The Committee verified that the financial statements are appropriate in relation to the accounting practices and the Brazilian Corporation laws, as well as in relation to the standards issued by the Brazilian Securities and Exchange Commission (CVM) and the international financial reporting standards (IFRS), issued by the International Accounting Standards Board (IASB) and the standards issued by SEC and the Sarbanes-Oxley Act. </FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; MARGIN: 6.5pt 0in 0in 0.5in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>8.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 150%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>CONCLUSIONS AND RECOMMENDATIONS </FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>During conduction of works, the Committee did not identify any situation that could affect the objectivity and independence of KPMG in relation to SABESP. Therefore, pursuant to the Audit Committee&#8217;s charter, the Committee informs the Board of Directors and that it is not aware of any type of relationship between KPMG and SABESP that may have affected its independence when executing the independent auditing of the financial statements for the fiscal year ended December 31, 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>No relevant divergences between SABESP&#8217;s Management, the Independent Registered Public Accounting Firm, KPMG and the Audit Committee itself have been identified in relation to the financial statements for the fiscal year ended December 31, 2018.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>The Committee&#8217;s opinions and judgments rely on information provided by SABESP, particularly from Management, the Accounting and Legal Superintendence, Internal Audit, Risk and Compliance Management and other oversight boards, besides its Independent Registered Public Accounting Firm. In this regard, the Committee considers that all relevant issues it took cognizance were fairly reported in the Financial Statements for the year ended December 31, 2018 accompanied by the Independent Auditor&#8217;s Report with unqualified opinion. As a result, the Audit Committee advises the Board of Directors to approve referred audited financial statements.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=georgia>S&#227;o Paulo, March 28, 2019.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Ernesto Rubens Gelbcke</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><STRONG><FONT size=2 face=Georgia></FONT></STRONG>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Coordinator and Financial Expert</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Lucas Navarro Prado</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Member</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=georgia>Lu&#237;s Eduardo A. de Assis</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 10pt" face=georgia>Member</FONT></I></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>19<FONT style="FONT-SIZE: 11pt" face=Georgia>4</FONT></FONT></FONT></P>

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<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;April 23, 2019</FONT></DIV>

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

<DIV align=center>

<TABLE style="WIDTH: 70%" cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="50%" colSpan=3>

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

<TR>

   <TD height=16></TD>

   <TD height=16></TD>

   <TD height=16></TD></TR>

<TR>

   <TD vAlign=top align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></TD>

   <TD vAlign=bottom align=left>/s/&nbsp;&nbsp;<FONT style="FONT-FAMILY: times new roman" size=3>Rui de Britto &#193;lvares Affonso</FONT>&nbsp;&nbsp;&nbsp;&nbsp;

   <HR align=left color=#000000 SIZE=1 noShade>

</TD>

   <TD></TD></TR>

<TR>

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

   <TD vAlign=bottom width="53%" align=center>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">Name: Rui de Britto &#193;lvares Affonso </FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">Title: Chief Financial Officer and Investor Relations Officer </FONT></DIV></TD>

   <TD></TD></TR></TABLE></DIV>

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

<P>&nbsp;</P>

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

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P align=justify><FONT size=2 face="'Times New Roman, Times, Serif'">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

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

</DIV>

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# @ [

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