<SEC-DOCUMENT>0001292814-20-001445.txt : 20200427
<SEC-HEADER>0001292814-20-001445.hdr.sgml : 20200427
<ACCEPTANCE-DATETIME>20200424214759
ACCESSION NUMBER:		0001292814-20-001445
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20200630
FILED AS OF DATE:		20200427
DATE AS OF CHANGE:		20200424

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:		20817012

	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>sbs20200424_6k.htm
<DESCRIPTION>SBS20200424_6K
<TEXT>

<HTML>
<HEAD>
   <TITLE>sbs20200424_6k.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<HR align=left color=#000000 SIZE=2 noShade>



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

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

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

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

<HR align=center color=#000000 SIZE=1 width="25%" noShade>



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

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

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

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

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

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

<DIV align=center>

<DIV><FONT color=#000000 size=2 face="Times New Roman"><B>For&nbsp;April, 2020</B></FONT></DIV><FONT color=#000000 size=2 face="Times New Roman"><B>(Commission File No. 1-31317) </B></FONT></DIV>

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

<HR align=center color=#000000 SIZE=1 width="25%" noShade>



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

<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>

<HR align=center color=#000000 SIZE=1 width="25%" noShade>

<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>

<HR align=center color=#000000 SIZE=1 width="25%" noShade>

<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>

<P></P>

<P></P>

<P></P>

<P></P>

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

<HR align=left color=#000000 SIZE=2 noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_1"></A>

<a name="_bclPageBorder1"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader1"></a><DIV>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 5.4pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 16.4pt">

   <TD style="BORDER-TOP: #999999 1pt solid; HEIGHT: 16.4pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #999999 1pt solid; PADDING-RIGHT: 5.4pt" rowSpan=5 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 5.4pt" align=center><FONT>
   <IMG src="x20042408282300.jpg" width=51 height=68></FONT><FONT></FONT></P></TD>

   <TD style="BORDER-TOP: #999999 1pt solid; HEIGHT: 16.4pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="89%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=verdana,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=verdana,sans-serif>Organizational Instrument</FONT></B></FONT></FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.6pt">

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="70%" colSpan=3>

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Type:</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Phase:</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="HEIGHT: 8.75pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Corporate Policy</FONT></B></FONT></FONT></B><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.75pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 2pt 0in"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>In effect</FONT></B></FONT></FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.6pt">

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="70%" colSpan=3>

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Title:</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Number and Version:</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="HEIGHT: 8.75pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="70%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>CORPORATE RISK MANAGEMENT POLICY</FONT></B></FONT></FONT></B></P></TD>

   <TD style="HEIGHT: 8.75pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="MARGIN: 2pt 0in"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>PI0028 &#8211; V.3</FONT></B></FONT></FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.6pt">

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #999999 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="18%" colSpan=2>

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Issuing Department:</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Approval:</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Duration of the 1<SUP>st</SUP> version:</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Duration of this version:</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.35pt">

   <TD style="HEIGHT: 8.35pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #999999 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="18%" colSpan=2>

   <P style="MARGIN: 2pt 0in"><FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>PK</FONT></FONT><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.35pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 2pt 0in"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>DANTE RAGAZZI PAULI - DRPAULI</FONT><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.35pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>June 25, 2010</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.35pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>December 18, 2018</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 3.65pt">

   <TD style="HEIGHT: 3.65pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #999999 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="61%" colSpan=3>

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Related Departments (Areas of Influence):</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3.65pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="39%" colSpan=2>

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Processes:</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 3.1pt">

   <TD style="HEIGHT: 3.1pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #999999 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="61%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>SABESP</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3.1pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="39%" colSpan=2>

   <P style="MARGIN: 2pt 0in"><FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>-</FONT></FONT></P></TD></TR>

<TR>

   <TD width="11%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="43%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD>

   <TD width="19%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 2pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 21.25pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Introduction</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>The Corporate Risk Management Policy aims at guiding the company towards the practice of risk assessment in the corporate environment and contributing to the improvement of governance and business planning to preservation and generation value to the Company.</FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0in 12pt 21.25pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Objective</FONT></B></H1>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>2.1</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>Establish guidelines, concepts and competencies for the risk management process according to the methodology defined by Sabesp, based on the international model COSO ERM: Committee of Sponsoring Organizations of the Treadway Commission - Enterprise Risk Management, in the norms ABNT NBR ISO 31000 and ABNT ISO GUIA 73.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>2.2</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>Consider the risk view in decision making processes, in line with good market practices.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>2.3</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>Generate value for the company and improve governance practices in a way that is systematic, structured and integrated with corporate values and guidelines.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>2.4</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>Disseminate the culture and promote the performance of risk management in a standardized way in all of the Company&#8217;s hierarchical levels.</FONT></H2>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0in 12pt 21.25pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Guidelines</FONT></B></H1>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.1</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>The practice of risk management should be in line with the Company's Mission, Vision, Ethical Values and Guidelines, providing full support to the Strategic Planning and its unfolding.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.2</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>The risk management culture must be disseminated by the functional risk management authority and must be practiced by all the hierarchical levels at the Company.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.3</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>The work processes must incorporate risk management in a systematic and standardized manner, according to the risk management methodology adopted by Sabesp.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.4</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>Employees involved in risk management activities must be trained by the functional risk management authority in the methodology adopted by the Company.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.5</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>Risks should be identified and classified according to their nature and category:</FONT></H2>

<DIV align=left>

<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>

   <TD style="BORDER-TOP: windowtext 1pt dashed; BORDER-RIGHT: windowtext 1pt dashed; BORDER-BOTTOM: windowtext 1pt dashed; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt dashed; PADDING-RIGHT: 5.4pt" vAlign=top width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Nature </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt dashed; BORDER-RIGHT: windowtext 1pt dashed; BORDER-BOTTOM: windowtext 1pt dashed; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="77%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Category</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt dashed; BORDER-BOTTOM: windowtext 1pt dashed; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt dashed; PADDING-RIGHT: 5.4pt" vAlign=top width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Strategic:</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt dashed; BORDER-BOTTOM: windowtext 1pt dashed; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="77%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Governance, Political &amp; Economic and Business;</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt dashed; BORDER-BOTTOM: windowtext 1pt dashed; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt dashed; PADDING-RIGHT: 5.4pt" vAlign=top width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Financial:</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt dashed; BORDER-BOTTOM: windowtext 1pt dashed; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="77%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Accounting, Credit, Liquidity and Market;</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt dashed; BORDER-BOTTOM: windowtext 1pt dashed; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt dashed; PADDING-RIGHT: 5.4pt" vAlign=top width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Operational:</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt dashed; BORDER-BOTTOM: windowtext 1pt dashed; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="77%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Environmental, Process and Infrastructure, Personnel, Information and Technology;</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt dashed; BORDER-BOTTOM: windowtext 1pt dashed; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt dashed; PADDING-RIGHT: 5.4pt" vAlign=top width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Compliance:</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt dashed; BORDER-BOTTOM: windowtext 1pt dashed; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="77%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Regulations and Legislation.</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 127.6pt; TEXT-INDENT: -85.05pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt; TEXT-INDENT: -21.25pt">&nbsp;</H2></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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

<A name="page_2"></A>

<a name="_bclPageBorder2"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader2"></a><DIV>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; MARGIN-LEFT: 5.4pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 16.4pt">

   <TD style="BORDER-TOP: #999999 1pt solid; HEIGHT: 16.4pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #999999 1pt solid; PADDING-RIGHT: 5.4pt" rowSpan=5 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 5.4pt" align=center><FONT>
   <IMG src="x20042408282300.jpg" width=51 height=68></FONT><FONT></FONT></P></TD>

   <TD style="BORDER-TOP: #999999 1pt solid; HEIGHT: 16.4pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="89%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=verdana,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=verdana,sans-serif>Organizational Instrument</FONT></B></FONT></FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.6pt">

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="70%" colSpan=3>

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Type:</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Phase:</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="HEIGHT: 8.75pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Corporate Policy</FONT></B></FONT></FONT></B><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.75pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 2pt 0in"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>In effect</FONT></B></FONT></FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.6pt">

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="70%" colSpan=3>

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Title:</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Number and Version:</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="HEIGHT: 8.75pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="70%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>CORPORATE RISK MANAGEMENT POLICY</FONT></B></FONT></FONT></B></P></TD>

   <TD style="HEIGHT: 8.75pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="MARGIN: 2pt 0in"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>PI0028 &#8211; V.3</FONT></B></FONT></FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.6pt">

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #999999 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="18%" colSpan=2>

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Issuing Department:</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Approval:</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Duration of the 1<SUP>st</SUP> version:</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Duration of this version:</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.35pt">

   <TD style="HEIGHT: 8.35pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #999999 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="18%" colSpan=2>

   <P style="MARGIN: 2pt 0in"><FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>PK</FONT></FONT><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.35pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 2pt 0in"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>DANTE RAGAZZI PAULI - DRPAULI</FONT><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.35pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>June 25, 2010</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.35pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>December 18, 2018</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 3.65pt">

   <TD style="HEIGHT: 3.65pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #999999 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="61%" colSpan=3>

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Related Departments (Areas of Influence):</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3.65pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="39%" colSpan=2>

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Processes:</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 3.1pt">

   <TD style="HEIGHT: 3.1pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #999999 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="61%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>SABESP</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3.1pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="39%" colSpan=2>

   <P style="MARGIN: 2pt 0in"><FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>-</FONT></FONT></P></TD></TR>

<TR>

   <TD width="11%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="43%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD>

   <TD width="19%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 2pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.6</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>Process risks should be identified, evaluated, treated, communicated and monitored by Departments and Business Units during the execution of their activities, under the guidance of the functional risk management authority.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.7</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>Corporate risks should be identified, evaluated, treated, communicated and monitored by the risk owner, under the guidance of the functional risk management authority.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.8</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>The responsibility for the approval and treatment of corporate risks is defined by levels of authority established according to the impact and likelihood of occurrence.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.9</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>The risk management process must be monitored by performance indicators.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.10</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>The decision on the controls to be used to reduce exposure to risks should consider the nature and level of criticality.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.11</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>When assessing the level of criticality and defining the mitigation action plans, the unit responsible for corporate risk should promote broad discussion with the areas involved.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.12</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>The risk owner should use the results of the evaluations to review the action plans and prepare contingency plans.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.13</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>The improvement of risk management should occur through cycles of evaluations and reviews and in response to a specific fact.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.14</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>The functional risk management authority should provide integrated and efficient solutions to support the risk management process.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.15</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>The effectiveness of the risk management process should be evaluated annually by the Audit Department.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.16</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>Corporate risks are communicated to stakeholders at the Company's discretion, through the relevant channels and aligned with legislation and good corporate governance practices.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.17</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>Corporate risks should be monitored by the Board of Directors, Fiscal Council, Audit Committee and Executive Board through periodic reports of activities issued by the functional risk management authority.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.18</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>The functional risk management authority is the Risk Management and Compliance Department, which is administratively bound and led by the Chief Executive Officer.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.19</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>The professionals of the functional risk management authority must have access to data and information necessary for the execution of their activities, being responsible for the confidentiality of such information.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.20</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>The Company's Executive Board must ensure that the necessary resources are adequately allocated to the functional risk management authority to carry out the Company's risk management activities.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.21</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>The powers of the Board of Directors, Fiscal Council, Audit Committee, Executive Board, Corporate Risk Management Committee, Board of Directors, Risk Management and Compliance Department, other Departments and Business Units are defined in the Appendix 2 of this Policy.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -28.35pt">&nbsp;</H2></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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

<A name="page_3"></A>

<a name="_bclPageBorder3"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader3"></a><DIV>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; MARGIN-LEFT: 5.4pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 16.4pt">

   <TD style="BORDER-TOP: #999999 1pt solid; HEIGHT: 16.4pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #999999 1pt solid; PADDING-RIGHT: 5.4pt" rowSpan=5 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 5.4pt" align=center><FONT>
   <IMG src="x20042408282300.jpg" width=51 height=68></FONT><FONT></FONT></P></TD>

   <TD style="BORDER-TOP: #999999 1pt solid; HEIGHT: 16.4pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="89%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=verdana,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=verdana,sans-serif>Organizational Instrument</FONT></B></FONT></FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.6pt">

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="70%" colSpan=3>

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Type:</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Phase:</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="HEIGHT: 8.75pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="70%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Corporate Policy</FONT></B></FONT></FONT></B><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.75pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="MARGIN: 2pt 0in"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>In effect</FONT></B></FONT></FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.6pt">

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="70%" colSpan=3>

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Title:</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Number and Version:</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="HEIGHT: 8.75pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="70%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>CORPORATE RISK MANAGEMENT POLICY</FONT></B></FONT></FONT></B></P></TD>

   <TD style="HEIGHT: 8.75pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="MARGIN: 2pt 0in"><B><FONT><FONT><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>PI0028 &#8211; V.3</FONT></B></FONT></FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.6pt">

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #999999 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="18%" colSpan=2>

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Issuing Department:</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Approval:</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Duration of the 1<SUP>st</SUP> version:</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Duration of this version:</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.35pt">

   <TD style="HEIGHT: 8.35pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #999999 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="18%" colSpan=2>

   <P style="MARGIN: 2pt 0in"><FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>PK</FONT></FONT><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.35pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 2pt 0in"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>DANTE RAGAZZI PAULI - DRPAULI</FONT><FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.35pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>June 25, 2010</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.35pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>December 18, 2018</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 3.65pt">

   <TD style="HEIGHT: 3.65pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #999999 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="61%" colSpan=3>

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Related Departments (Areas of Influence):</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3.65pt; BORDER-RIGHT: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="39%" colSpan=2>

   <P style="MARGIN: 1pt 0in 0.3pt"><FONT color=gray face=verdana,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt" color=gray face=verdana,sans-serif>Processes:</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 3.1pt">

   <TD style="HEIGHT: 3.1pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #999999 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="61%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>SABESP</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3.1pt; BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="39%" colSpan=2>

   <P style="MARGIN: 2pt 0in"><FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>-</FONT></FONT></P></TD></TR>

<TR>

   <TD width="11%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="43%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD>

   <TD width="19%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 2pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>3.22</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: 115%" face=Arial,sans-serif>Those responsible for the risks should implement the mitigation action plans within the established deadline.</FONT></H2>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; TEXT-INDENT: -42.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif>3.22.1&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>If it is impossible to meet the deadline, such fact must be formally informed and an extension to the deadline must be requested to the functional risk management authority, with a copy sent to the respective director.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in 0pt 92.15pt; TEXT-INDENT: -42.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>3.22.2&nbsp;&nbsp; Mitigation action plans approved and not implemented within the specified period must be informed to the competent departments.</FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0in 12pt 21.25pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Supplementary Items</FONT></B></H1>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-TOP: #999999 1pt solid; BORDER-RIGHT: #999999 1pt solid; BACKGROUND: #d9d9d9; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #999999 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0.3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=gray face=Arial,sans-serif>Referred Attachments (Attachments Base)</FONT></P></TD>

   <TD style="BORDER-TOP: #999999 1pt solid; BORDER-RIGHT: #999999 1pt solid; BACKGROUND: #d9d9d9; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0.3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=gray face=Arial,sans-serif>Referred Documents</FONT></P></TD>

   <TD style="BORDER-TOP: #999999 1pt solid; BORDER-RIGHT: #999999 1pt solid; BACKGROUND: #d9d9d9; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="34%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0.3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=gray face=Arial,sans-serif>Record Information</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #999999 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="34%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: #999999 1pt solid; BACKGROUND: #d9d9d9; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #999999 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%" colSpan=3>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0.3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=gray face=Arial,sans-serif>Attached Files (Documents that serve as Supplement to the Corporate Instrument)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: #999999 1pt solid; BORDER-BOTTOM: #999999 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #999999 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%" colSpan=3>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=Arial,sans-serif>PI0028v3 &#8211; Appendix 1 &#8211; Definitions</FONT></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=Arial,sans-serif>PI0028v3 &#8211; Appendix 2 &#8211; Competences </FONT></P></TD></TR></TABLE></DIV>

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

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

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

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

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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

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

<a name="_bclPageBorder4"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader4"></a><DIV>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; MARGIN-LEFT: 5.4pt; 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top rowSpan=4 width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt">
   <IMG style="HEIGHT: 48pt; WIDTH: 37.5pt; VISIBILITY: visible" alt="Logo preto" src="x20042408350900.jpg" width=37 height=48> <FONT></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="72%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><SUP><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Appendix Name:</FONT></FONT></SUP></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><SUP><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Appendix Number</FONT></FONT></SUP></P></TD></TR>

<TR style="HEIGHT: 17.85pt">

   <TD style="HEIGHT: 17.85pt; 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="72%">

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Definitions</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17.85pt; 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="15%">

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>0001</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 2.6pt">

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="87%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><SUP><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Related to Document:</FONT></FONT></SUP></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; PADDING-RIGHT: 5.4pt" width="87%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>PI0028v3 &#8211; Corporate Risk Management Policy</FONT></FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%" colSpan=3>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Description</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 4pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="PAGE-BREAK-INSIDE: avoid">

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

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Risk Management</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>An assessment process that allows an organization to analyze to what extent potential risk factors can impact the achievement of objectives. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The Management evaluates events based on two perspectives - probability and impact - and generally uses a combination of qualitative and quantitative methods.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

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

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Good Corporate Governance Practices</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Publicly-recognized guidelines aiming at achieving and maintaining transparency, equity and quality of information, as well as maintaining a positive market reputation and a differentiated position towards the preservation and generation of value.</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

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

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Control</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Measure that maintains or modifies the risk.</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

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

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Corporate Risk </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Management</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>It is the corporate process conducted by the Board of Directors, Audit Committee, Executive Board, Corporate Risk Management Commission, departments, business units and other employees that is applied towards the establishment of strategies and formulated to identify potential events that can affect the company. Also manages the risks in order to keep such events compatible with the company's risk exposure and provides a reasonable guarantee for the fulfillment of the company&#8217;s objectives.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Risk management is directly related to sustainable growth, profitability, preservation and generation of value for the Company and its shareholders since this process allows the identification of not only threats, but also improvement and development opportunities for the business.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

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

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Risk identification</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Searches for processes, recognition and description of risks. Risk identification involves the description of factors and their potential consequences. Provides a comprehensive list of risks (portfolio) based on events that can create, increase, prevent, reduce, accelerate or delay the achievement of corporate objectives. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Risk identification may involve historical data, theoretical analyzes, opinions of informed persons and experts and stakeholder needs.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

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

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Impact</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Result or effect of a risk event. There may be a number of possible impacts associated with an event. The impact of an event may be positive or negative in relation to the Company's related objectives.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter4"></a><DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>1</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>/</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>2</FONT></FONT><FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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

<A name="page_5"></A>

<a name="_bclPageBorder5"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader5"></a><DIV>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; MARGIN-LEFT: 5.4pt; 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; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top rowSpan=4 width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt">
   <IMG style="HEIGHT: 48pt; WIDTH: 37.5pt; VISIBILITY: visible" alt="Logo preto" src="x20042408350900.jpg" width=37 height=48> <FONT></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="72%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><SUP><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Appendix Name:</FONT></FONT></SUP></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><SUP><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Appendix Number</FONT></FONT></SUP></P></TD></TR>

<TR style="HEIGHT: 17.85pt">

   <TD style="HEIGHT: 17.85pt; 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="72%">

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Definitions</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17.85pt; 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="15%">

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>0001</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 2.6pt">

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="87%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><SUP><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Related to Document:</FONT></FONT></SUP></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; PADDING-RIGHT: 5.4pt" width="87%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>PI0028v3 &#8211; Corporate Risk Management Policy</FONT></FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%" colSpan=3>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Description</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 4pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="PAGE-BREAK-INSIDE: avoid">

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

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Risk Map</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>A graphical representation of the risk assessment process within the corporate environment. It is presented graphically in a 5 X 5 map layout by positioning the level of risk in quadrant with a corresponding color.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Represented on a Cartesian plane with ordered pairs (Probability and Impact):</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>X-axis: Probability: Almost Certain (red), Probable (orange), Possible (yellow), Low (light green) and Improbable (dark green);</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Y-axis: Impact: High (red), Relevant (orange), Moderate (yellow), Low (light green) and Minimum (dark green).</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

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

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Risk Management Methodology</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>A set of definitions of identification, analysis, evaluation, treatment and monitoring of risks standards based on the application of the COSO model "Enterprise Risk Management - Integrated Framework", in the ABNT NBR ISO 31000 and ABNT ISO GUIA 73 standards considering the characteristics and peculiarities of Sabesp and its business environment. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

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

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Hierarchical Risk Level</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The company&#8217;s management positions responsible for making decisions relating to the risk management activities, according to the level of criticality (impact and probability) established in the risk map.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

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

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Probability</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Chance of an event happening.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In risk management terminology, the word "probability" is used to refer to the chance of something happening, whether defined, measured, or determined, objectively or subjectively, qualitatively or quantitatively, and described using general or mathematical terms (such as probability or frequency over a given period of time).</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Source: ISO 31000: 2018</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

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

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Risk Owner</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Area responsible for identifying, evaluating, treating, communicating and monitoring corporate or process risks. </FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

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

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Corporate Risk</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Risk that may compromise the Company's ability to achieve its business objectives.</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

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

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Process Risk</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Risk that can compromise process results.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter5"></a><DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>2</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>/</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>2</FONT></FONT><FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0in"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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

<A name="page_6"></A>

<a name="_bclPageBorder6"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader6"></a><DIV>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; MARGIN-LEFT: 5.4pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; 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" vAlign=top rowSpan=4 width="13%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT>
   <IMG alt="Logo preto" src="x20042408390300.jpg" width=60 height=76></FONT><FONT></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><SUP><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>Appendix Name:</FONT></FONT></SUP></P></TD>

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><SUP><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>Appendix Number</FONT></FONT></SUP></P></TD></TR>

<TR style="HEIGHT: 17.85pt">

   <TD style="HEIGHT: 17.85pt; 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="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>Competences</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17.85pt; 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 0in 17.85pt; TEXT-INDENT: -16pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>0002</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 2.6pt">

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="87%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><SUP><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>Related to Document:</FONT></FONT></SUP></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; PADDING-RIGHT: 5.4pt" width="87%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>PI0028v3 &#8211; Corporate Risk Management Policy</FONT></FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%" colSpan=3>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>Description</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=PT-BR style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 22.7pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 22.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>1. Board of Directors</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>a)&nbsp;&nbsp; evaluate and approve the Corporate Risk Management Policy;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>b)&nbsp;&nbsp; be aware of the methodology used for corporate risk management;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>c)&nbsp;&nbsp;&nbsp; verify the effectiveness of corporate risk management and control procedures;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>d) &nbsp; assess and approve the hierarchical risk levels that define responsibilities for the risk approval and treatment;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>e) &nbsp; evaluate and periodically approve the corporate risk map and mitigation action plans under the responsibility of the Board of Directors;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>f)&nbsp;&nbsp;&nbsp; monitor and evaluate the progress of the corporate risk mitigation action plans every six months.</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>g) &nbsp; be aware of the results of the effectiveness evaluation of the risk management process carried out by the Audit Department;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>h) &nbsp; be aware of the report on risk management activities.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 22.7pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 22.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>2. Fiscal Council</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>a)&nbsp;&nbsp; be aware of the Corporate Risk Management Policy and its methodology;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>b)&nbsp;&nbsp; be aware of the annual corporate risk management work plan;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>c)&nbsp;&nbsp;&nbsp; be aware of the corporate risk map;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>d)&nbsp;&nbsp; be aware of the hierarchical risk levels that define responsibilities for the risk approval and treatment;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>e) &nbsp; be aware of how corporate risk mitigation action plans are evolving;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>f) &nbsp;&nbsp; be aware of the report on risk management activities.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 22.7pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 22.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%">

   <P style="MARGIN: 0in 0in 6pt 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">3. Audit Committee</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>a)&nbsp;&nbsp; analyze and provide opinion on the Corporate Risk Management Policy and on the corporate risk management methodology adopted by the Company;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>b)&nbsp;&nbsp; monitor the annual corporate risk management work plan;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>c)&nbsp;&nbsp;&nbsp; analyze and provide opinion on the hierarchical levels responsible for defining risk responsibilities, approval and measures to be taken;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>d)&nbsp;&nbsp; be aware of the corporate risk map;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>e) &nbsp; monitor the evolvement of the corporate risk mitigation action plans every six months;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>f) &nbsp;&nbsp; be aware of the report on risk management activities.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 22.7pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 22.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>4. Executive Board</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>a)&nbsp;&nbsp; approve the Corporate Risk Management Policy and submit the policy for approval by the Board of Directors; </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>b) &nbsp; approve the methodology used for corporate risk management and submit the methodology for approval by the Board of Directors;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>c)&nbsp;&nbsp;&nbsp; approve the Internal Charter of the Corporate Risk Management Commission;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>d)&nbsp;&nbsp; approve the appointment of the members of the Corporate Risk Management Commission;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>e)&nbsp;&nbsp; assess and approve the hierarchical risk levels that define responsibilities for risk approval and management;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>f)&nbsp;&nbsp;&nbsp; monitor how the corporate risk mitigation action plans are evolving and support its development;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>g) &nbsp; evaluate and periodically approve the corporate risk map and mitigation action plans, submitting to the Board of Directors the risks that exceed the Executive Board&#8217;s responsibilities;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>h) &nbsp; monitor the evolvement of the corporate risk mitigation action plans every six months;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>i) &nbsp;&nbsp;&nbsp; be aware of the report on risk management activities.</FONT></P></TD></TR></TABLE></DIV></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<A name="page_7"></A>

<a name="_bclPageBorder7"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

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

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; MARGIN-LEFT: 5.4pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; 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" vAlign=top rowSpan=4 width="13%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT>
   <IMG alt="Logo preto" src="x20042408390300.jpg" width=60 height=76></FONT><FONT></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><SUP><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>Appendix Name:</FONT></FONT></SUP></P></TD>

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><SUP><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>Appendix Number</FONT></FONT></SUP></P></TD></TR>

<TR style="HEIGHT: 17.85pt">

   <TD style="HEIGHT: 17.85pt; 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="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>Competences</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17.85pt; 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 0in 17.85pt; TEXT-INDENT: -16pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>0002</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 2.6pt">

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="87%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><SUP><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>Related to Document:</FONT></FONT></SUP></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; PADDING-RIGHT: 5.4pt" width="87%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>PI0028v3 &#8211; Corporate Risk Management Policy</FONT></FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%" colSpan=3>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>Description</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=PT-BR style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 22.7pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 22.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>5. Executive Offices (including CEO)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>a) &nbsp; know the Corporate Risk Management Policy and on the corporate risk management methodology adopted by the Company;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>b)&nbsp;&nbsp; approve the annual corporate risk management work plan and support its development (exclusively for CEO);</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>c) &nbsp;&nbsp; know the Internal Charter of the Corporate Risk Management Commission;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>d) &nbsp; be aware of and monitor the annual corporate risk management work plan;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>e) &nbsp; be aware of the hierarchical risk levels that define responsibilities for risk approval and treatment;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>f) &nbsp;&nbsp; approve the corporate risk of the Executive Office;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>g) &nbsp; submit risks that exceed the Executive Office&#8217;s responsibilities to the Executive Board (exclusively CEO);</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>h) &nbsp; monitor the evolvement of the corporate risk mitigation action plans;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>i) &nbsp;&nbsp;&nbsp; support the execution of risk identification, analyses, evaluation, treatment, communication and monitoring works;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>j) &nbsp;&nbsp; assess and approve the measurement and mitigation action plans of its Executive Office;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>k) &nbsp; appoint a Executive Office representative for the Corporate Risk Management Commission.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 22.7pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 22.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>6. Corporate Risk Management Commission</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>a) &nbsp; assess the Corporate Risk Management Policy and propose amendments;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>b) &nbsp; be aware of the corporate risk management methodology;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>c)&nbsp;&nbsp;&nbsp; assess the Internal Charter of the Corporate Risk Management Commissiona and propose amendments;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>d)&nbsp;&nbsp; assess the hierarchical risk levels that define responsibilities for risks &nbsp;approval and treatment;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>e)&nbsp;&nbsp; monitor the annual corporate risk management work plan;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>f) &nbsp;&nbsp; assess the proposed risk management culture dissemination at all corporate levels;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>g) &nbsp; monitor the evolution of implementation of corporate risk mitigation action plans every two months;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>h) &nbsp; report the evolvement of the corporate risk mitigation action plans within the Executive Board responsibilities every six months.</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>i) &nbsp;&nbsp;&nbsp; monitor corporate risk indicators;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>j) &nbsp;&nbsp; assess of the corporate risk map;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>k) &nbsp; be aware of and monitor the execution of risk identification, analyses, evaluation, treatment, communication and monitoring works within the Executive Offices and Department&#8217;s responsibilities;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>l) &nbsp;&nbsp;&nbsp; advise the Executive Board on matters related to corporate risk management;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>m) know the resources approved for the implementation of the action plans;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>n) &nbsp; be aware of the report on risk management activities.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 22.7pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 22.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>7. Departments and Business Units</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>a) &nbsp; be aware of and applythe risk management methodology;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>b) &nbsp; be aware of the hierarchical risk levels that defineresponsibilitiesfor risk approval and treatment;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>c) &nbsp;&nbsp; identify, analyze, asses, treat, communicate and monitor the risks within its responsibilities;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>d) &nbsp; monitor the evolution of implementation of corporate risk mitigation action plans within its responsibilities;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>e) &nbsp; propose to the Executive Board treatment and risk mitigation plans within its responsibilities;</FONT></P></TD></TR></TABLE></DIV></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<A name="page_6"></A>

<a name="_bclPageBorder8"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader8"></a><DIV>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 5.4pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; 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" vAlign=top rowSpan=4 width="13%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT>
   <IMG alt="Logo preto" src="x20042408390300.jpg" width=60 height=76></FONT><FONT></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><SUP><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>Appendix Name:</FONT></FONT></SUP></P></TD>

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><SUP><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>Appendix Number</FONT></FONT></SUP></P></TD></TR>

<TR style="HEIGHT: 17.85pt">

   <TD style="HEIGHT: 17.85pt; 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="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>Competences</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17.85pt; 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 0in 17.85pt; TEXT-INDENT: -16pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>0002</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 2.6pt">

   <TD style="HEIGHT: 2.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="87%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><SUP><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>Related to Document:</FONT></FONT></SUP></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; PADDING-RIGHT: 5.4pt" width="87%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>PI0028v3 &#8211; Corporate Risk Management Policy</FONT></FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%" colSpan=3>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>Description</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=PT-BR style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<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: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>f) &nbsp;&nbsp; prepare and maintain the risk map of its division updated, along with the Risk Management and Compliance Department </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>g) &nbsp; define and monitor risk management indicators;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>h) &nbsp; use the results of risk assessments to prioritize the preparation and/or review of contingency plans.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 22.7pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 22.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>8. Risk Management and Compliance Department&#8211; Functional Authority</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>a) &nbsp; disseminate the risk management culture at all corporate levels, pursuant to the Company&#8217;s Bylaws;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>b) &nbsp; propose and maintain the Corporate Risk Management Policy and Internal Charter of the Corporate Risk Management Commission updated;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>c) &nbsp;&nbsp; train leaders and employees involved in risk management activities to apply the methodology adopted by the Company.</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>d) &nbsp; prepare proposals of risk responsibilities and submit them for approval by the Executive Board;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>e) &nbsp; prepare the annual work plan and submit it for approval by the CEO;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>f) &nbsp;&nbsp; implement the annual work plan;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>g) &nbsp; propose measures to support the development of risk management;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>h) &nbsp; propose risk assessment, mapping and classification criteria;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>i) &nbsp;&nbsp;&nbsp; contribute to the development of the corporate risk map;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>j) &nbsp;&nbsp; consolidate and guarantee the distribution of the corporate risk map, according to the defined levels of responsibility;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>k) &nbsp; manage the risk management system with the aim of consolidating the risk assessment results;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>l) &nbsp;&nbsp;&nbsp; monitor the evolvement of action plans and report them to the Corporate Risk Management Commission, Executive Board, Fiscal Council, Audit Committee and Board of Directors;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>m) monitor corporate risk indicators;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>n) &nbsp; advise the Corporate Risk Management Commission;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>o) &nbsp; propose the methodology and execute the internal communication of corporate risks to the areas involved;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>p) &nbsp; align risk management practices with the Company's Mission, Vision, Values and Guidelines;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>q) &nbsp; prepare and monitor the performance indicators of the risk management process;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>r) &nbsp;&nbsp; present periodic reports on risk management activities to the Executive Board, Board of Directors, Fiscal Council, Audit Committee and Corporate Risk Management Commission.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 22.7pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 22.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>9. Audit Department</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>a) &nbsp; assess, annually and systematically, the effectiveness of the risk management process and provide improvement recommendations;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>b) &nbsp; present the result of the assessment of the effectiveness of the risk management process to the Board of Directors;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>c) &nbsp;&nbsp; be aware of the corporate risk map;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Calibri,sans-serif>d) &nbsp; consider the corporate risk map when elaborating Sabesp's internal audit work schedule.</FONT></P></TD></TR></TABLE></DIV></DIV>

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

<HR align=left color=#000000 SIZE=2 noShade>



<P></P>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B><U>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B><U>SIGNATURE&nbsp;</U></B></FONT><FONT size=1>&nbsp;</FONT></DIV></U></B></FONT>

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

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city S&#227;o Paulo, Brazil. <BR></FONT></DIV>

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;April 24, 2020</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>

<P></P>

<DIV></DIV>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>x20042408282300.jpg
<TEXT>
begin 644 x20042408282300.jpg
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-:)=L<42A54>@ K__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>x20042408350900.jpg
<TEXT>
begin 644 x20042408350900.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" ": 'H# 2(  A$! Q$!_\0
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M.0 H<GM7RY7WW/!#=6\MO<11S02H4DCD4,KJ1@@@\$$=J^*/'GA2;P9XQO\
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M"JO"1(.B(.RC/ZDDDDD@&/115S2M*OM;U2WTS3+:2YO+A]D42#EC_( #))/
M )/ H KP0375Q%;V\4DT\KA(XXU+,[$X  '))/:OK_X5?#^'P)X: E\PZM?I
M'+?%F&$8 XC4 D87<PR"<DDYQ@"G\-_A#I?@;RM2N7^W:Z8MKS'_ %<!.=PB
M&,C(.TL>2 <;0Q%>D4 %%%% !1110 5GZSH>E^(=.>PU>P@O;5LG9,F=I((W
M*>JM@G##!&>#6A10!X)XK_9R6:X-QX4U..!'?+6E^6*H"6/RR*"<#Y0%8$]2
M6/2O(_$_P\\4^$99O[4TF<6L7)O85,D!4MM4[QPN3C ;#<C(&:^UZ* /@"BO
MM_\ X03P?_T*FA_^"Z'_ .)H_P"$$\'_ /0J:'_X+H?_ (F@#X@KI- \ >*_
M%"++I&AW<\#(76=E$43@-M.V1R%)SQ@'/!]#7UW_ ,()X/\ ^A4T/_P70_\
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%HH __]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>x20042408390300.jpg
<TEXT>
begin 644 x20042408390300.jpg
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'H]@.!7__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
