<SEC-DOCUMENT>0001292814-24-002505.txt : 20240621
<SEC-HEADER>0001292814-24-002505.hdr.sgml : 20240621
<ACCEPTANCE-DATETIME>20240621172429
ACCESSION NUMBER:		0001292814-24-002505
CONFORMED SUBMISSION TYPE:	F-3ASR
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20240621
DATE AS OF CHANGE:		20240621
EFFECTIVENESS DATE:		20240621

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]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-280420
		FILM NUMBER:		241061443

	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>F-3ASR
<SEQUENCE>1
<FILENAME>sbs20240621_f3.htm
<DESCRIPTION>F-3ASR
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on June 21, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No. <FONT STYLE="background-color: lightgrey">[
]</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 2.25pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>UNITED STATES</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SECURITIES
    AND EXCHANGE COMMISSION</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>WASHINGTON,
    D.C. 20549</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>FORM F-3</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT
    OF 1933</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><B>Companhia de Saneamento B&aacute;sico do Estado de S&atilde;o Paulo-SABESP</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(exact name of registrant as specified in its charter)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Basic Sanitation Company of the State of S&atilde;o Paulo-SABESP</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(translation of registrant&#8217;s name into English)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Federative Republic of Brazil</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(jurisdiction of incorporation or organization)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Rua Costa Carvalho, 300</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>05429-900 S&atilde;o Paulo, SP, Brazil</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(address of principal executive offices)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Catia Cristina Teixeira Pereira</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chief Financial Officer and Investor Relations Officer</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>dri@sabesp.com.br (+55 11 3388 8679)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Rua Costa Carvalho, 300 05429-900 S&atilde;o Paulo,
    SP, Brazil</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Name, telephone, e-mail and/or facsimile number and address of company contact person)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">AGENT FOR SERVICE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PUGLISI &amp; ASSOCIATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>850 Library Ave Unit 204</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Newark, DE, 19711</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>+1 302-738-6680</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Copies of all communications, including communications
sent to agent for service, should be sent to:</B></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Clifford Chance US LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Attn.: Jonathan Zonis</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>375 Ninth Avenue</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, NY, 10001</B></P></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Approximate date of commencement of proposed sale
to the public</B>: From time to time after this registration statement becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If only securities being registered on this Form are
to be offered pursuant to dividend or interest reinvestment plans, please check the following box: &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box:
<FONT STYLE="font-family: Wingdings">&yacute;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If this Form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering: &#9744;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If this Form is a post-effective amendment filed pursuant
to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering: &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If this Form is a registration statement pursuant
to General Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant
to Rule 462(e) under the Securities Act, check the following box: <FONT STYLE="font-family: Wingdings">&yacute;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If this Form is a post-effective amendment to a registration
statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant
to Rule 413(b) under the Securities Act, check the following box: &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Emerging growth company &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If an emerging growth company that prepares its financial
statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards&#8224; provided pursuant to Section 7(a)(2)(B) of the Securities
Act. &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#8224; The term &#8220;new or revised financial accounting
standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after
April 5, 2012.</P>

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    <TD STYLE="width: 99%; border-bottom: black 2.25pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>___________________________</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>P R O S P E C T U S</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><IMG SRC="sbs20240621f3_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>COMPANHIA DE SANEAMENTO B&Aacute;SICO DO ESTADO
DE S&Atilde;O PAULO-SABESP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>Common Shares<BR>
Common Shares represented by American Depositary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt"><FONT STYLE="color: windowtext">Companhia
de Saneamento B&aacute;sico do Estado de S&atilde;o Paulo &#8211; SABESP (&#8220;Sabesp&#8221;) may from time to time offer common shares
of Sabesp (our &#8220;common shares&#8221;), some of which may be represented by American Depositary Shares (collectively, the &#8220;ADSs&#8221;),
covered by this prospectus. </FONT>Additionally, any selling shareholders to be named in an applicable supplement to this prospectus (the
<FONT STYLE="color: windowtext">&#8220;</FONT>selling shareholders<FONT STYLE="color: windowtext">&#8221;</FONT>) may from time to time
offer common shares of <FONT STYLE="color: windowtext">Sabesp, some of which may be represented by ADSs</FONT>. This prospectus describes
some of the general terms that may apply to our common shares and the ADSs and the general manner in which they may be offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Sabesp and any selling shareholders,
as applicable, will provide specific terms of any offering in a supplement to this prospectus. Any prospectus supplement may also add,
update, or change information contained in this prospectus. To the extent the applicable prospectus supplement is inconsistent with the
information contained in this prospectus, the information in this prospectus is superseded by the information in the applicable prospectus
supplement. You should carefully read this prospectus and the applicable prospectus supplement as well as the documents incorporated or
deemed to be incorporated by reference in this prospectus before you purchase any of the securities. The amount and price of the offered
securities will be determined at the time of the offering and will be reflected in the applicable prospectus supplement. The names of
any underwriters, dealers or agents involved in the sale of the securities, their compensation and any options to purchase additional
securities granted to them will be described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Our common shares are listed
on the S&atilde;o Paulo Stock Exchange (B3 S.A. &#8211;Brasil, Bolsa, Balc&atilde;o) (the &#8220;B3&#8221;) under the ticker symbol &#8220;SBSP3&#8221;.
ADSs representing our common shares are listed on the New York Stock Exchange (the &#8220;NYSE&#8221;) under the ticker symbol &#8220;SBS&#8221;.
The common shares are not listed on any U.S. national securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><B>Investing in these securities
involves risks. See the &ldquo;Risk Factors&rdquo; sections of Sabesp&rsquo;s Annual Report on Form 20-F for the year ended December
31, 2023, filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on May 3, 2024 (the &ldquo;2023 Form 20-F&rdquo;)
and in our report on Form 6-K to be furnished to the SEC on or around June 21, 2024, containing the interim consolidated financial statements
and discussion of recent developments (the &ldquo;June Form 6-K&rdquo;) which are incorporated by reference herein, and in the relevant
prospectus supplement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt; border-bottom: Black 1.5pt solid"><B>Neither
the SEC, the Brazilian Securities Commission (<I>Comiss&atilde;o de Valores Mobili&aacute;rios</I> or &#8220;CVM&#8221;), nor any state
securities commission has approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation
to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">The date of this prospectus is June 21, 2024.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B><A NAME="toc"></A>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><A HREF="#a_001">ABOUT THIS PROSPECTUS</A></TD>
  <TD STYLE="text-align: right; width: 50%">1</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><A HREF="#a_002">FORWARD-LOOKING STATEMENTS</A></TD>
  <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><A HREF="#a_003">SABESP</A></TD>
  <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><A HREF="#a_004">USE OF PROCEEDS</A></TD>
  <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><A HREF="#a_005">DESCRIPTION OF SHARE CAPITAL</A></TD>
  <TD STYLE="text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><A HREF="#a_006">DESCRIPTION OF AMERICAN DEPOSITARY SHARES</A></TD>
  <TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><A HREF="#a_007">SELLING SHAREHOLDERS</A></TD>
  <TD STYLE="text-align: right">28</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><A HREF="#a_008">PLAN OF DISTRIBUTION</A></TD>
  <TD STYLE="text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><A HREF="#a_009">EXPERTS</A></TD>
  <TD STYLE="text-align: right">31</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><A HREF="#a_010">VALIDITY OF SECURITIES</A></TD>
  <TD STYLE="text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><A HREF="#a_011">SERVICE OF PROCESS AND ENFORCEMENT OF JUDGMENTS IN BRAZIL</A></TD>
  <TD STYLE="text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><A HREF="#a_012">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
  <TD STYLE="text-align: right">36</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><A HREF="#a_013">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></TD>
  <TD STYLE="text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><A HREF="#a_014">PART II INFORMATION NOT REQUIRED IN PROSPECTUS</A></TD>
  <TD STYLE="text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><A HREF="#a_015">SIGNATURES OF COMPANHIA DE SANEAMENTO B&Aacute;SICO DO ESTADO DE S&Atilde;O PAULO &#8211; SABESP</A></TD>
  <TD STYLE="text-align: right">4</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><A NAME="a_001"></A>ABOUT THIS PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">In this prospectus, unless
the context otherwise requires, references to &#8220;Sabesp&#8221; mean Companhia de Saneamento B&aacute;sico do Estado de S&atilde;o
Paulo &#8212; Sabesp. Terms such as &#8220;we&#8221;, &#8220;us&#8221; and &#8220;our&#8221; generally refer to Companhia de Saneamento
B&aacute;sico do Estado de S&atilde;o Paulo &#8212; Sabesp, and its consolidated subsidiaries, joint operations and structured entities
taken as a whole, unless the context requires otherwise. All references to &#8220;<I>real</I>,&#8221; &#8220;<I>reais</I>&#8221; or &#8220;R$&#8221;
are to the currency of Brazil. All references to &#8220;U.S. dollar,&#8221; &#8220;U.S. dollars&#8221; or &#8220;US$&#8221; are to the
currency of the United States of America. We have made rounding adjustments to reach some of the figures included in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">This prospectus is part of
a registration statement that we filed with the United States Securities and Exchange Commission (which we refer to as the &#8220;SEC&#8221;)
as a &#8220;well-known seasoned issuer&#8221; (&#8220;WKSI&#8221;) as defined in Rule 405 under the U.S. Securities Act of 1933, as amended
(the &#8220;Securities Act&#8221;), utilizing a &#8220;shelf&#8221; registration process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Under this shelf process,
we and the selling shareholders may sell common shares in one or more offerings, some of which may be represented by ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">This prospectus only provides
a general description of the securities that we or the selling shareholders may offer. Each time we or the selling shareholders offer
securities, we will prepare a prospectus supplement containing specific information about the particular offering. This prospectus contains
summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for
complete information. All of the summaries are qualified in their entirety by the actual documents. We may also add, update or change
other information contained in this prospectus by means of a prospectus supplement or by incorporating by reference information we file
with the SEC. The registration statement that we filed with the SEC includes exhibits that provide more detail on the matters discussed
in this prospectus. The prospectus supplement and any other offering materials may also contain information about any material U.S. federal
income tax considerations relating to the securities described in the prospectus supplement or other offering materials. Before you invest
in any securities offered by this prospectus, you should read this prospectus, any related prospectus supplement and the related exhibits
filed with the SEC, together with the additional information described under the headings &#8220;Where You Can Find More Information&#8221;
and &#8220;Incorporation of Certain Documents by Reference&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We are responsible for the
information contained in or incorporated by reference into this prospectus, any prospectus supplement or any free writing prospectus prepared
by on or behalf of us. Neither we nor the selling shareholders have authorized any other person to provide you with different or inconsistent
information. If anyone provides you with different or inconsistent information, you should not rely on it. We and the selling shareholders
are not making an offer to sell the ADSs in any jurisdiction where the offer or sale is not permitted. You should assume that the information
appearing in this prospectus, in the applicable prospectus supplement, free writing prospectus or any documents incorporated by reference
is accurate only as of the date on the front cover of the applicable document. Our business, financial condition, results of operations
and prospects may have changed since then.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><A NAME="a_002"></A>FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">This prospectus, the registration
statement of which it forms a part, each prospectus supplement and the documents incorporated by reference into these documents contain
estimates and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, from
time to time we or our representatives have made or may make forward-looking statements orally or in writing. Furthermore, such forward-looking
statements may be included in various filings that we make with the SEC or press releases or oral statements made by or with the approval
of one of our authorized executive officers. These forward-looking statements are subject to certain known and unknown risks and uncertainties,
as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements.
The forward-looking statements contained in this prospectus, which address our expected business and financial performance, among other
matters, contain words such as &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;estimate,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221;
&#8220;plan,&#8221; &#8220;aim,&#8221; &#8220;will,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;would,&#8221;
&#8220;likely,&#8221; &#8220;potential&#8221; and similar expressions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">These estimates and forward-looking
statements are based mainly on our current expectations and estimates of future events and trends that affect or may affect our business,
financial condition, results of operations, cash flow, liquidity, prospects and the trading price of our securities. Although we believe
that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to many significant risks,
uncertainties and assumptions and are made in light of information currently available to us. Such statements are subject to risks and
uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various
factors, including, but not limited to, those identified under the section entitled &#8220;Risk Factors&#8221; in this prospectus and
the 2023 Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt"><B>Readers are cautioned
not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. There is no assurance
that the expected events, trends or results will actually occur.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We have made forward-looking
statements that address, among other things:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
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    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">general economic, political, demographical, health and other conditions in Brazil and in other countries, including the military conflict between Russia and Ukraine, as well as the conflict between Israel and Hamas, the imposition of sanctions and trade embargos and its impacts on the global economy;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">fluctuations in inflation, interest rates and exchange rates in Brazil;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">the outcome of our proposed privatization, authorized by the State Law No. 17,853/2023 (the &#8220;Proposed Privatization&#8221;), as proposed by the State of S&atilde;o Paulo, our controlling shareholder (&#8220;State of S&atilde;o Paulo&#8221;) and any related legislative, regulatory or political developments;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">any judicial or other challenges to our Proposed Privatization;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">the potential impacts of the new tariff structure to be implemented, its uncertainties, as well as unpredictability about the revenues we expect to earn with the new structure;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">the interests of our controlling shareholder;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">any increase in delinquencies by our customers;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">the regulations issued by the Public Services Regulatory Agency of the State of S&atilde;o Paulo (<I>Ag&ecirc;ncia Reguladora de Servi&ccedil;os P&uacute;blicos do Estado de S&atilde;o Paulo</I> &#8211; &#8220;ARSESP&#8221;) regarding several aspects of our business, including resetting and adjusting our tariffs;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">changes in applicable laws and regulations, as well as the enactment of new laws and regulations, including those relating to environmental, tax and employment matters in Brazil;</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 15.5pt; padding-bottom: 5pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-size: 10pt">existing and future governmental regulation for sanitation services, competition in our concession
    area, and other matters;</FONT></P>

</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">risks relating to our material properties, including difficulties in obtaining or renewing existing licenses, authorizations, approvals and permits to build, expand and/or operate our business facilities and challenges to our ownership and possession of our material properties;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">the impacts on our business of probable increases in the frequency of extreme weather conditions, including droughts and intensive rain and other climatic events, such as the State of Rio Grande do Sul floods in March 2024;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">our ability to continue to use certain reservoirs under current terms and conditions;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">availability of our water supply, springs and storage systems;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">the impact on our business of lower water consumption practices adopted by our customers during the water crisis which resulted in water savings and have not returned to their prior standards despite us maintaining a continuous supply of water to the S&atilde;o Paulo metropolitan region;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">the size and growth of our customer base and its consumption habits;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">any measures that we may be required to take to ensure the provision of water to our customers;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">the potential impacts on our business caused by the enactment of </FONT><FONT STYLE="font-size: 9pt">Law No. 14,026/2020 (the &#8220;</FONT><FONT STYLE="font-size: 10pt">New Legal Framework for Basic Sanitation&#8221;), which introduced several changes that directly affect our operations, including the requirement to participate in new public bids in case the entity is not part of the administration of the government authority responsible for the services, and the prohibition on entering into program contracts, agreements, partnership agreements and other unstable instruments for the provision of public sanitation services; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">the potential impact of the enactment of national reference standards that should be taken into account by subnational sanitation regulatory agencies (municipal, intermunicipal, district and state) in their regulatory performance, since the New Legal Framework for Basic Sanitation determined that the National Water and Sanitation Agency (<I>Ag&ecirc;ncia Nacional de &Aacute;guas e Saneamento B&aacute;sico</I> &#8211; ANA) is the regulatory authority of the sanitation sector at national level; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">our ability to comply with the requirements regarding water and sewage service levels included in our agreements with municipalities, especially as a result of the changes brought by the New Legal Framework for Basic Sanitation, which established that the goal of providing drinking water to 99% of the population and sewage collection and treatment to 90% of the population must be met by 2033, which was brought forward to 2029 for us pursuant to State Law No. 17,853/2023; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">the municipalities&#8217; ability to terminate our existing concession agreements prior to their expiration date and our ability to renew such agreements;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">our ability to collect amounts owed to us by our controlling shareholder, states, the federal government and municipalities;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -10.1pt; padding-bottom: 6pt; padding-left: 36pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">our capital expenditure program and other liquidity and capital resources requirements;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-size: 10pt">the effects of the program contract for provision
of water and sewage services in the city of S&atilde;o Paulo, which stipulates an obligation to allocate 7.5% of our revenue from the
city of S&atilde;o Paulo to the Municipal Fund for Environmental Sanitation and Infrastructure (<I>Fundo Municipal de Saneamento Ambiental
e Infraestrutura</I>), as ARSESP has limited the pass-through of the amount of the tariff transferred to municipal infrastructure funds
to 4%;</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-size: 10pt">our management&#8217;s expectations and estimates
relating to our future financial performance;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-size: 10pt">our level of debt and limitations on our ability
to incur additional debt;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-size: 10pt">our ability to access financing with favorable terms
in the future;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-size: 10pt">the costs we incur in complying with environmental
laws and any penalties for failure to comply with these laws;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-size: 10pt">the outcome of our pending or future legal proceedings;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-size: 10pt">the impact of widespread health developments, such
as COVID-19, and its effects on our operating revenues and financial condition;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-size: 10pt">the delay or postponement in investment in our sewage
system;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-size: 10pt">the possibility to be subject to other regulatory
agencies other than ARSESP; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-size: 10pt">power shortages, rationing of energy supply or significant
changes in energy tariffs.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">For additional information
on factors that could cause our actual results to differ from expectations reflected in forward-looking statements, please see &#8220;Risk
Factors&#8221; as set forth in our most recent annual report on 2023 Form 20-F, which is incorporated by reference herein, or any updates
in our current reports on Form 6-K, which may be amended, supplemented or superseded, from time to time, by other reports that we file
with the SEC in the future or by information in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">All forward-looking statements
attributed to us or a person acting on our behalf are qualified in their entirety by this cautionary statement, and you should not place
undue reliance on any forward-looking statement included in this prospectus. We undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information or future events or for any other reason.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Any investment in the common
shares or ADSs involves a high degree of risk. Before purchasing any securities described in this prospectus, you should carefully consider
and evaluate all of the information included and incorporated by reference in this prospectus or any applicable prospectus supplement,
including the risk factors incorporated by reference from the 2023 Form 20-F, the June Form 6-K, or any further updates in our current
reports on Form 6-K, which may be amended, supplemented or superseded, from time to time, by other reports that we file with the SEC (available
at www.sec.gov/edgar) in the future or by information in the applicable prospectus supplement. Additional risk factors that you should
carefully consider may be included in a prospectus supplement or other offering materials relating to an offering of the common shares
or ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We encourage you to read
these risk factors in their entirety. In addition to these risks, other risks and uncertainties not presently known to us or that we currently
deem immaterial may also adversely affect our business operations and financial condition. Such risks could cause actual results to differ
materially from anticipated results. This could cause the trading price of the securities to decline, perhaps significantly, and investors
may lose part or all of their investment. You should not purchase the securities described in this prospectus unless you understand and
know you can bear all of the investment risks involved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">In general, investing in
the securities of issuers with operations in emerging market countries such as Brazil involves risks that are different from the risks
associated with investing in the securities of U.S. companies and companies located in other countries with more developed capital markets.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><A NAME="a_003"></A>SABESP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We were incorporated on September
6, 1973, under the laws of the Federative Republic of Brazil, as a mixed capital company (<I>sociedade de economia mista</I>) with limited
liability and for indefinite duration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We are one of the largest
water and sewage service providers in the world, according to the ranking published in 2023 by Global Water Intelligence, which considered
our calculated revenues for the year ended December 31, 2022. We provide water and sewage services in the State of S&atilde;o Paulo directly
to a large number of residential, commercial and industrial consumers, as well as to a variety of public entities water services. According
to the State Data Analysis System Foundation (<I>Funda&ccedil;&atilde;o Sistema Estadual de An&aacute;lise de Dados</I> &#8211; SEADE),
the State of S&atilde;o Paulo had an estimated total population of 45.5 million as of December 31, 2023. In the most recent data collected
by the Brazilian Institute of Geography and Statistics (<I>Instituto Brasileiro de Geografia e Estat&iacute;stica</I> &#8211; IBGE), the
gross domestic product, which is the standard measure of the value added created through the production of goods and services during a
certain period of time (the &#8220;GDP&#8221;) of the State of S&atilde;o Paulo was approximately R$3.2 trillion, representing approximately
30% of Brazil&#8217;s total GDP, and making it the largest economy of any state in Brazil based on GDP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">As of March 31, 2024 we
served directly 376 of the 645 municipalities in the State of S&atilde;o Paulo. On June 3, 2024 our services with respect to the Igarapava
municipality were interrupted and we were substituted by another concessionaire. The net book value of the assets related to this municipality
was R$ 11.4 million. As of December 31, 2023, we provided water services through 10.3 million water connections to approximately 28.1
million people, representing approximately 62% of the total population of the State of S&atilde;o Paulo. In addition, with what we believe
is our vast network, we calculated an effective water coverage ratio of 98% in respect of all regions in which we operate. We also provided
sewage services through 8.8 million sewage connections to approximately 24.9 million people, achieving an effective sewage service ratio
of 93% in respect of all regions in which we operate. As of December 31, 2023, we operated using 93,163 kilometers of water pipes and
water transmission lines and 63,635 kilometers of sewer lines. Our significant size and scale have required us to operate in complex urban
settings such as urban areas occupied by low-income populations in irregular areas (<I>favelas</I>) and environments without urban planning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">As of the date hereof, our
corporate structure includes Sabesp and our wholly-owned subsidiary Sabesp Ol&iacute;mpia S.A. We also provide water and/or sewage services
on a wholesale basis and through a minority participation in other four special purpose companies, as more fully described in the 2023
Form 20-F. In addition, we also acquired shares in two other companies, in which we participate as a minority shareholder: Aquapolo Ambiental
S.A., which produces recycled water, and Attend Ambiental S.A, which operates a pretreatment plant for non-domestic effluent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Further, in 2015, we incorporated
Paulista Geradora de Energia S.A., which focuses on the implementation of a water treatment plant. In 2022, we incorporated (i) Cantareira
SP Energia S.A., in partnership with Pacto SP Energia I Ltda., which will produce and sell electricity through four photovoltaic power
generation plants on floating structures in our reservoirs in the region of Bragan&ccedil;a Paulista; and (ii) SPE Infranext Solu&ccedil;&otilde;es
em Pavimenta&ccedil;&atilde;o S/A, which will produce and commercialize cold asphalt. Still in 2022, we acquired 20% of Foxx URE&#8211;BA
S.A pursuant to the concession agreement entered into with the municipality of Barueri for the construction of a power generation plant
from urban solid waste, which will be the first power generation plant operating from the incineration of urban solid waste in Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Our revenues from wholesale
water services in the year ended December 31, 2023 were R$103.4 million. With respect to wholesale sewage services, our revenues in the
year ended December 31, 2023 were R$37.7 million. For the year ended December 31, 2023, we generated net operating revenue of R$25,572.1
million, an increase of 15.9% compared to 2022. Our total assets amounted to R$61,471.0 million and our total shareholders&#8217; equity
amounted to R$29,857.4 million as of December 31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Currently, we are subject
to a privatization plan. On February 28, 2023, the State Privatization Program&#8217;s Board (<I>Conselho Diretor do Programa Estadual
de Desestatiza&ccedil;&atilde;o</I> or &#8220;CDPED&#8221;), which has authority over corporate reorganization plans involving privatizations
of state-owned companies, such as us, agreed to proceed with the hiring of consultancy services to assist with the analysis of our Proposed
Privatization, as proposed by State of S&atilde;o Paulo. In April 2023, the State of S&atilde;o Paulo government hired the International
Finance Corporation (the &#8220;IFC&#8221;), an agency of the World Bank, as an advisor for this process. On December 8, 2023, the State
of S&atilde;o Paulo enacted State Law No. 17,853/2023, providing the authorization for our Proposed Privatization and its general guidelines.
Accordingly, upon completion of the offering of securities pursuant to this prospectus, the State of S&atilde;o Paulo may reduce or dilute
its controlling interest in us through a sale of its common shares through an auction or secondary offering on the relevant stock exchanges
within and outside of Brazil or via a primary public offering of our common shares within and outside of Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">State Law No. 17,853/2023 also
provides that, if our Proposed Privatization is consummated, our bylaws will be amended to provide for a special class of preferred share,
owned exclusively by the State of S&atilde;o Paulo (referred to as a &#8220;golden share&#8221;), which will grant the State of S&atilde;o
Paulo veto power over proposed changes to: (i) our name and</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">headquarters; (ii) our corporate purpose of providing
water and sewage services; and (iii) any provisions in our bylaws regarding limits on the exercise of voting rights attributed to shareholders
or groups of shareholders. For more information, see &#8220;Risk Factors&#8212; If our Proposed Privatization is consummated, we will
no longer have a controlling shareholder that holds more than 50% of our capital stock, which may make us susceptible to shareholder alliances,
shareholder conflicts and other events arising from the absence of a controlling shareholder or a controlling group&#8221; in our June
Form 6-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The CDPED approved, among
others, the recommendation for the structure of our Proposed Privatization on April 17, 2024, pursuant to State Law No. 17,853/2023, which
will be sent to the Governor of the State of S&atilde;o Paulo for approval. On May 27, 2024, we had an extraordinary shareholders&#8217;
meeting which approved changes to our bylaws conditional upon the consummation of our Proposed Privatization. The proposed changes to
our bylaws include, <I>inter alia</I>, the golden share terms and conditions and a provision that will have the effect of avoiding the
concentration of more than 30% of our common voting shares in the hands of one or a small group of shareholders and poison pill provisions.
On June 3, 2024, the CDPED approved the final structure of our Proposed Privatization and authorized us to proceed with the Proposed Privatization
through a public offering of shares (&#8220;Public Offering&#8221;), according to article 5, I, items &#8220;b&#8221; and &#8220;i&#8221;
of State Law No. 9,361/1996 and article 21, I, of State Decree No. 67,759/2023, including, among others, the following conditions:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Partial sale of shares held directly and indirectly by the State of S&atilde;o
Paulo, by means of a public offering to be carried out and registered with the CVM, in accordance with the rules and procedures of CVM
Resolution No. 160/2022; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The State of S&atilde;o Paulo shall maintain at least 18% of our share capital,
which may be further reduced depending on market conditions of the Public Offering;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">As part of the Public Offering a reference investor will be selected subject
to the bookbuilding process to act as our &#8220;reference investor&#8221; after the Proposed Privatization is consummated, through the
priority allocation of common shares, representing 15% of our share capital to the reference investor selected in the Public Offering;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Symbol; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">&middot;</TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Common shares of the offering representing 10% of our share capital shall
be allocated on a priority basis to employees, as set forth on article 42 of State Law No 9.361/1996; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Certain terms and conditions shall be included in the investment agreement,
lock-up and other agreements to be entered into by the State of S&atilde;o Paulo and the reference investor selected in the Public Offering.
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">CDPED also ratified that
the State of S&atilde;o Paulo must maintain at least 10% of our share capital to maintain the special class preferred share (golden share),
as provided for in our new bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Our principal executive office
is located at located at Rua Costa Carvalho, 300, 05429-900 S&atilde;o Paulo, SP, Brazil. Our telephone number is +55 11 3388-8000 and
website is www.sabesp.com.br. Our legal name is Companhia de Saneamento B&aacute;sico do Estado de S&atilde;o Paulo &#8211; SABESP and
our commercial name is Sabesp. The information on our website, which might be accessible through a hyperlink resulting from this URL,
is not and shall not be deemed to be incorporated into this prospectus or any accompanying prospectus supplement.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><A NAME="a_004"></A>USE OF PROCEEDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Unless otherwise disclosed
in connection with a particular offering of securities, we intend to use the net proceeds from the sale of any securities as provided
in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">In the case of a secondary
offering of securities, we will not receive any proceeds from the sale of our common shares by such selling shareholders.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><A NAME="a_005"></A>DESCRIPTION OF SHARE CAPITAL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The following is a brief
summary of certain significant provisions of our bylaws, the Brazilian corporate law, and the rules and regulations of the CVM and of
the <I>Novo Mercado</I> segment of B3. This discussion does not purport to be complete and is qualified by reference to our bylaws and
of those laws, rules and regulations. For a summary of certain of your rights as our shareholder, see &#8220;&#8212;Rights Attaching to
Our Shares&#8221; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B><I>General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We are a mixed capital company,
of unlimited duration, incorporated on September 6, 1973, with limited liability, duly organized and operating under Law No. 6,404, of
December 15, 1976 (the &#8220;Brazilian Corporate Law&#8221;). We were authorized and constituted in accordance with S&atilde;o Paulo
State Law No.&nbsp;119 of June&nbsp;29, 1973.&nbsp;We are registered with the Brazilian tax authorities under CNPJ No.&nbsp;43.776.517/0001-80.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">In 1994, we were registered
with the CVM as a publicly held company and are therefore subject to the CVM&#8217;s rules, including those relating to the periodic disclosure
of material facts and relevant events. Our common shares have been listed on the B3 under the ticker &#8220;SBSP3&#8221; since June 4,
1997.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">In 2002, we joined the <I>Novo
Mercado</I> segment of the B3, which is the listing segment in Brazil with the highest corporate governance requirements. In the same
year, we registered our common shares with the SEC and started trading our shares in the form of ADR &#8211; level III on the NYSE under
the ticker &#8220;SBS.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>Corporate Purpose</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Our bylaws provide that our
corporate purpose is to render basic sanitation services, aimed at the universalization of basic sanitation in the State of S&atilde;o
Paulo and achieving financial sustainability in the long-term. Our activities comprise water supply, sanitary sewage services, urban rainwater
management and drainage services, urban cleaning services, solid waste management services and related activities, including the planning,
operation, maintenance and commercialization of energy (for us or third parties), and the commercialization of services, products, benefits
and rights that directly or indirectly arise from our assets, operations and activities. We are allowed to act, in a subsidiary form,
in other Brazilian locations and abroad.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>Capital Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Our share capital consists
of 683,509,869 common shares, all nominative and without par value. If our Proposed Privatization is consummated, the provisions of our
new bylaws approved by our shareholders on May 27, 2024 will come into effect. This version of the bylaws provides for a golden share
(which is a special class of preferred share), exclusively held by the State of S&atilde;o Paulo, which confers certain veto rights to
the State of S&atilde;o Paulo, as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B><I>Treasury Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 36pt">We hold no treasury shares and we do not have
a program for repurchasing our shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B><I>Authorized Capital</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">As approved by our shareholders
in the meeting held on May 27, 2024, our Board of Directors is allowed to increase our share capital up to the limit of 1,187,144,787
common shares, all nominative and without par value, regardless of statutory reform; and to exclude the shareholders&#8217; preemptive
rights in the subscription of shares issued through public offerings, pursuant to article 172, caput and item I, of Brazilian Corporate
Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B><I>Rights Attaching to Our Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><I>Common Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Each of our common shares
entitles its holder to one vote on matters to be voted at the annual or extraordinary shareholders&#8217; general meeting. In addition,
upon our liquidation, holders of our shares are entitled to share in all of our remaining capital, after paying our creditors in accordance
with their respective ownership interest in us. Holders of our common shares are entitled to participate in all future capital increases
carried out by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><I>Preferred Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">If our Proposed Privatization
is consummated, the State of S&atilde;o Paulo will hold a golden share (which will be a special class preferred share), granting veto
power over proposed changes to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">our name and headquarters;</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify">our corporate purpose of providing water and sewage services; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: justify">any provisions in our bylaws regarding limits on the exercise of voting rights attributed to shareholders
or groups of shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B><I>Transfer of Our Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Our shares are not subject
to any share transfer restrictions.&nbsp;Whenever a transfer of ownership of shares occurs, the finance company with which such shares
are deposited may collect from the transferring shareholder the cost of any services in connection with the Brazilian transfer thereof,
subject to maximum rates established by the CVM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B><I>Pre-emption Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Each of our shareholders
has a general preemptive right to subscribe for shares or securities convertible into shares in any capital increase, in proportion to
his or her ownership interest in us, except in the event of the grant and exercise of any option to acquire shares of our capital stock.
The preemptive rights are valid for a 30-day period from the publication of the announcement of the capital increase. Shareholders are
also entitled to sell this preemptive right to third parties. Under Brazilian Corporate Law, we may amend our bylaws to eliminate preemptive
rights or to reduce the exercise period in connection with a public offering of shares or an exchange offer made to acquire another company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">In the event of a capital
increase by means of the issuance of new shares, holders of common shares, would, except under circumstances described above, have preemptive
rights to subscribe for any class of our newly issued shares. Accordingly, preemptive rights may or may not be delivered to or otherwise
extended to ADSs holders, as agreed between us and the Depositary, in each instance. In any case, an ADS holder would not be able to exercise
the preemptive rights relating to the common shares underlying his or her ADSs unless a registration statement under the Securities Act,
is effective with respect to those rights or an exemption from the registration requirements of the Securities Act is available. For more
information, see &#8220;Item 3.D. Risk Factors&#8212;Risks Relating to Our Common Shares and ADSs&#8212;A holder of our common shares
and ADSs might be unable to exercise preemptive rights and tag-along rights with respect to the common shares&#8221; of our 2023 Form
20-F, incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Any exercise of preemptive
rights relating to the common shares will not be subject to Brazilian income tax. Any gain on the sale or assignment of preemptive rights
relating to the common shares by a non-Brazilian holder of common shares will be subject to Brazilian taxation at the same rate applicable
to the sale or disposition of common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B><I>Redemption</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Brazilian Corporate Law provides
that, under limited circumstances, a shareholder has the right to withdraw his or her equity interest from the company and to receive
payment for the portion of shareholder&#8217;s equity attributable to his or her equity interest. This right of withdrawal may be exercised
by dissenting shareholders in the event that at least half of all voting shares outstanding authorize us:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-size: 10pt">to reduce the mandatory distribution of dividends;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-size: 10pt">to merge into another company or to consolidate with
another company, subject to the conditions set forth in Brazilian Corporate Law;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-size: 10pt">to participate in a centralized group of companies,
as defined under and subject to Brazilian Corporate Law;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-size: 10pt">to change our corporate purpose;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-size: 10pt">to split up, subject to Brazilian Corporate Law;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-size: 10pt">to change the preferences, advantages and conditions
for redemption or amortization of one or more classes of preferred shares, or create a new class of shares; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-size: 10pt">to transform into another type of company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-size: 10pt">to transfer all of our shares to another company
or to receive shares of another company in order to make the company whose shares are transferred a wholly owned subsidiary of such company,
known as <I>incorpora&ccedil;&atilde;o de a&ccedil;&otilde;es</I>; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-size: 10pt">to acquire control of another company at a price
which exceeds the limits set forth in Brazilian Corporate Law.</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The right of withdrawal lapses
30 days after publication of the minutes of the shareholders&#8217; meeting that approved a corporate action described above. We would
be entitled to reconsider any action giving rise to withdrawal rights within 10 days following the expiration of such rights if the withdrawal
of shares of dissenting shareholders would jeopardize our financial condition. Brazilian Corporate Law allows companies to redeem their
shares at their economic value, subject to the provisions of their bylaws and certain other requirements. Our bylaws currently do not
provide that our capital stock will be redeemable at its economic value and, consequently, any redemption pursuant to Brazilian Corporate
Law would be made based on the book value per share, determined on the basis of the most recent balance sheet approved by the shareholders.
However, if a shareholders&#8217; meeting giving rise to redemption rights occurred more than 60 days after the date of the most recent
balance sheet approved, a shareholder would be entitled to demand that his or her shares be valued on the basis of a new balance sheet
dated within 60 days of such shareholders&#8217; meeting. In this case, the company will immediately pay 80% of the reimbursement amount
calculated based on the most recent balance sheet and, once the next balance sheet is finalized, will pay the balance within 120 days
from the date of the general shareholders&#8217; meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">In addition, shareholders
are precluded from exercising withdrawal rights resulting from a (i) merger into or consolidation with another company, subject to the
conditions set forth in Brazilian Corporate Law, or (ii) participation in a centralized group of companies, as defined under and subject
to Brazilian Corporate Law if their shares meet the following criteria: (a) they are considered liquid, defined as being part of the Bovespa
index (<I>&Iacute;ndice Bovespa</I>) or another stock exchange index (as defined by the CVM); and (b) share ownership is dispersed, such
that the controlling shareholder or companies it controls hold less than 50% of our shares. Our common shares are listed on the Bovespa
index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We may cancel the right of
withdrawal if the payment amount has a material adverse effect on our finances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B><I>Registration</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Our shares are held in book-entry
form with Banco Bradesco S.A., which will act as the custodian agent for our shares (&#8220;Banco Bradesco&#8221; or the &#8220;Custodian&#8221;).
Transfer of our shares will be carried out by means of book entry by Banco Bradesco in its accounting system, debiting the share account
of the seller and crediting the share account of the buyer, upon a written order of the transferor or a judicial authorization or order
to affect such transfers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B><I>Notification of Interests in Our Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Any shareholder who acquires
or disposes of 5%, 10%, 15% and so on of our share capital of any class is obliged to notify us immediately upon completion of the transaction.&nbsp;Such
obligation also applies to the holders of ADSs, convertible debentures and stock options.&nbsp;After the receipt of such notification,
we will disclose such transaction by means of a notice to be uploaded on the CVM website and duly update its corporate information in
our Reference Form&nbsp;(<I>Formul&aacute;rio de Refer&ecirc;ncia</I>) within seven business days of the transaction occurrence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">If our Proposed Privatization
is consummated, our bylaws will include poison pills provisions in order to avoid any shareholder or group of shareholders to hold, directly
or indirectly, more than 30% of our voting shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B><I>Shareholders&#8217; General Meetings</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The Brazilian Corporate Law
does not allow shareholders to approve matters by written consent obtained in response to a consent solicitation procedure.&nbsp;All matters
subject to shareholders approval must be approved at a duly convened general meeting. There are two types of shareholders&#8217; meetings:&nbsp;ordinary
and extraordinary.&nbsp;Ordinary meetings occur once a year, within 120 days of our fiscal year end, and extraordinary meetings can be
called whenever necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Shareholders&#8217; meetings
are called by our Board of Directors.&nbsp;Notice of such meetings is posted to shareholders and, in addition, notices are placed in a
newspaper of general circulation in our principal place of business and on our website at least 21 days before the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Shareholders&#8217; meetings
are held at our principal executive office in S&atilde;o Paulo and can also be conducted online, which, since 2020, has become a common
practice adopted by us and other publicly held companies.&nbsp;Shareholders may be represented at a shareholders&#8217; meeting by attorneys-in-fact
who are:&nbsp;(i)&nbsp;shareholders of the company; (ii)&nbsp;a Brazilian lawyer; (iii)&nbsp;a member of our management; or (iv)&nbsp;a
financial institution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 36pt">At duly convened meetings, our shareholders are
able to take any action regarding our business.&nbsp;The following actions can only be taken by our shareholders in general meeting:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-bottom: 6pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="width: 92%; padding-bottom: 6pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">election and dismissal of the members of our Board of Directors and our Fiscal Council, if the shareholders have requested the setup of the latter;</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="width: 92%; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">approval of the aggregate compensation of the members of our Board of Directors and Board of Executive Officers, as well as the compensation of the members of the Fiscal Council;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">amendment of our bylaws;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">approval of our merger, consolidation or spin-off;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">approval of our dissolution or liquidation, as well as the election and dismissal of liquidators and the approval of their accounts;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 36pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-size: 10pt">granting stock awards and approval of stock splits or reverse stock splits;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">approval of stock option plans for our management and employees, as well as for the management and employees of other companies directly or indirectly controlled by us;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">approval, in accordance with the proposal submitted by our Board of Directors, of the distribution of our net income and payment of dividends;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">authorization to delist from the Novo Mercado and to become a private company, except if the cancellation is due to a breach of the <I>Novo Mercado</I> Listing Regulation;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">regulations by management, and to retain a specialized firm to prepare a valuation report with respect to the value of our shares, in any such events;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">approval of our management accounts and our consolidated financial statements;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">approval of any primary public offering of our shares or securities convertible into our shares; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">deliberate upon any matter submitted by the Board of Directors.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>Board of Directors, Board of Executive Officers,
Fiscal Council and Committees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">As of the date of this registration
statement, our main management and governance bodies formally constituted and with regular operation, are: (i) Board of Directors; (ii)
Board of Executive Officers; (iii) Fiscal Council; (iv) Audit Committee; and (v) Eligibility Committee. If our Proposed Privatization
is consummated, we will have the following main management and governance bodies: (i) Board of Directors; (ii) Board of Executive Officers;
(iii) Fiscal Council; (iv) Audit Committee; (v) Eligibility and Compensation Committee; (vi) Sustainability and Corporate Accountability
Committee; and (vii) Related Party Transactions Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Our management, pursuant
to our bylaws and the governing legislation, is the responsibility of the Board of Directors and the Board of Executive Officers. The
members of the Board of Directors and those of the Board of Executive Officers may be shareholders or not, and in both cases, the management
guarantee provided for in the Brazilian Corporate Law may be required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The management bodies also
have the support of advisory bodies and support secretariats.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B><I>Qualifications</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The Brazilian Corporate Law
and CVM regulations also provide that certain individual may not be appointed to a position by our management, including those who: are
disqualified by the CVM, have been declared bankrupt or have been convicted of certain offenses such as bribery and crimes against the
economy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The Law No. 13,303/2016 introduced
several provisions, including establishing minimum requirements for the election of members of the boards, such as: (i) (a) to have a
minimum professional experience of ten years in the public or private segment related to the intended state-owned company, or in other
related segments regarding the superior managing position that he or she was appointed to; or (b) to have a minimum professional experience
of four years in one of such positions: (1) superior manager position in similar companies considering the size or the business of the
intended state-owned company; (2) to have occupied positions or functions of trust equal to DAS-4 (manager) or superior in the public
segment; (3) have been a teacher or a researcher in subjects related to the intended state-owned company business; (c) to have a minimum
self-employed professional experience of four years in activities directly or indirectly related to the intended state-owned company business;
(ii) to have an academic degree in areas related to the intended state-owned company business; (iii) do not fall under the non-admission
hypothesis and are not declared ineligible regarding the Complementary Law No. 64 of 1990. Once the Privatization Process is concluded,
these provisions will no longer be applicable to us.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The minutes of the shareholders&#8217;
or directors&#8217; meeting that appoints a member of the Board of Directors or the Board of Executive Officers, respectively, must detail
the qualifications of such person and specify the period of their mandate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B><I>Appointment and Composition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The members of our Board
of Directors are elected at the general shareholders meeting to serve a two-year term. The Board of Directors is currently composed of
11 members, with six members considered independent, all appointed in accordance with our bylaws. If our Proposed Privatization is consummated,
our bylaws will provide for nine sitting Directors and the State of S&atilde;o Paulo will have the ability to elect up to three members
of our Board of Directors not considering the nomination of the independent members. See &#8220;Item 6.A. Directors and Senior Management&#8212;Board
of Directors&#8221; of our 2023 Form 20-F, incorporated by reference herein, for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Pursuant to article 140 of
the Brazilian Corporate Law, the members of the board of directors will be elected by means of shareholders meetings and may be replaced
at any time. There are no prescribed age limits for retirement of members of our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Under article 141, paragraphs
4 and 5 of Brazilian Corporate Law, minority shareholders may appoint a member of the board of directors, as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">holders of common shares representing at least 15% of the total common shares
with voting rights may appoint one member to the board of directors and its respective alternate;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify">holders of preferred shares representing at least 10% of the total capital stock of a company may appoint
one member to the board of directors and its respective alternate; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: justify">if the percentages set forth in items (i) and (ii) are not met by the holders of common shares and preferred
shares, holders of common shares and holders of preferred shares representing together more than 10% of the total capital of a company
may jointly appoint one member to the board of directors and its respective alternate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Those rights may only be
exercised by shareholders that prove their continuous share ownership during the last three months prior to our shareholders&#8217; meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">In addition, article 141
of the Brazilian Corporate Law and CVM regulations determine that shareholders holding more than 10% of the voting capital are entitled
to request cumulative voting rights (<I>voto m&uacute;ltiplo</I>) so as to increase their chances of electing at least one member to the
board of directors, equivalent rights to (i), (ii) and (iii) above as well as cumulative voting rights are not available to ADSs holders.
Under the cumulative voting process, each voting share is entitled to a number of votes equal to the number of board seats being filled
at the relevant shareholders&#8217; meeting, such votes which can be cast to a single or more candidates. As a result of the cumulative
voting, controlling shareholders may be prevented from controlling all seats of the board, while minority shareholders may be allowed
to appoint at least one member of that body. Shares participating in the cumulative voting process will not be counted for the purposes
of appointing board members in the circumstances described in (i) through (iii) above (and vice versa).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">In order to ensure that the
majority of board members is elected by the controlling shareholder, Brazilian Corporate Law provides that whenever the election of board
members uses cumulative voting and holders of common or preferred shares elect board members in separate elections, the controlling shareholders
will always have the right to elect such board members in a number equal to the number elected by the other shareholders plus one member,
even if that results in the board having more members than the number set forth by the company&#8217;s bylaws (article 141, paragraph
7, of the Brazilian Corporate Law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Brazilian Corporate Law also
provides that, whenever cumulative voting is adopted and the general shareholders meeting removes any member from office, all members
will be automatically removed from office and a new election will take place. In other situations of vacancy, if no substitute members
are elected along with effective members, the next shareholders&#8217; meeting will elect all members of the board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">If our Proposed Privatization
is consummated, our bylaws will no longer confer the right set forth in article 141, paragraph 7, of the Brazilian Corporate Law to the
State of S&atilde;o Paulo, as it will be limited to vote on 30% of our voting shares. Additionally, if our Proposed Privatization is consummated,
with the exception of the provisions of article 141 of the Brazilian Corporate Law, the election of the members of the Board of Directors
shall take place by the slate system, observing, in any event, the applicable rules on eligibility provided for in the legislation and
regulations in force, in our bylaws and in our nomination policy.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Our Board of Executive Officers
consists of up to seven executive officers appointed by our Board of Directors for a two-year term. Our CEO shall not simultaneously hold
the position of Chairman of the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Upon the election of a new
governor for the State of S&atilde;o Paulo and any resulting change in the administration of the State of S&atilde;o Paulo, all or some
of the members of our Board of Directors, including our chairwoman, have historically been replaced by designees of the new administration.
The State of S&atilde;o Paulo appointed nine members of the Board of Directors, one member was appointed by the minority shareholders,
and another was elected as employee&#8217;s representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Our Fiscal Council, which
is established on a permanent basis, consists of a minimum of three and a maximum of five sitting members and the same number of alternates.
Our Fiscal Council currently consists of five sitting members and five alternates, elected at shareholders&#8217; meetings with a term
of one year. It is guaranteed the participation, in the Fiscal Council, of a representative of the minority shareholders. If our Proposed
Privatization is consummated, our bylaws will no longer have requirements about the participation of a representative of the minority
shareholders in the Fiscal Council.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B><I>Meetings and Duties</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Our Board of Directors ordinarily
meets once a month or, when necessary for the interests of our company, when called by its chairman or by the majority of its members.
Among other duties, our Board of Directors is responsible for: (i) approving our strategic plan; (ii) approving the business plan for
the following financial year, annual and multi-annual programs, indicating the respective projects; (iii) the appointment and dismissal
of the executive officers and members of the Audit Committee, (iv) deliberating on the increase of our share capital within the limit
authorized by our bylaws; and (v) expressing its opinion on any proposal by the Board of Executive Officers or any matter to be submitted
to the General Shareholders&#8217; Meeting. Directors cannot participate in discussions or vote on matters in which they are interested.
As a result, our Board of Directors does not have the power to vote on compensation for itself. Only our shareholders may approve such
matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The Board of Executive Officers&#8217;
ordinarily meets at least twice a month or, extraordinary, whenever called by the CEO or by two officers. Our Board of Executive Officers
determines our general business policy, is responsible for all matters related to our day-to-day management and operations and is the
highest controlling body with regards to the execution of our guidelines. Members of our Board of Executive Officers cannot participate
in discussions or vote in relation to matters in which they are otherwise interested. Its responsibilities are determined by bylaws and
our internal regulations, as well as by the applicable laws. See &#8220;Item 6.A. Directors and Senior Management&#8212; Board of Executive
Officers&#8221; of our 2023 Form 20-F, incorporated by reference herein, for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Our Fiscal Council generally
meets, ordinarily, once a month and, extraordinarily, whenever called by any of its members of by the Board of Executive Officers. The
primary responsibility of the Fiscal Council, which is independent from management and from the external auditors appointed by our Board
of Directors, is to oversee the actions of our managers and ensure compliance with their legal and statutory duties, pursuant to article
163 of the Brazilian Corporate Law, and to review our consolidated financial statements and report on them to our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B><I>Committees </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Our management has also two
permanent committees. If our Proposed Privatization is consummated, our management will have four permanent committees, formed by members
of the board itself and by independent external members. The committees&#8217; basic function is to advise the Board of Directors in fulfilling
its responsibilities for establishing fundamental guidelines and our superior control, with specific attributions of analysis, monitoring,
and recommendation on specific issues in each area.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><I>Audit Committee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We have a permanent Audit
Committee, as provided for in our bylaws, which is composed of three members of the Board of Directors who, cumulatively, will comply
with the requirements of (i) independence (in accordance with the <I>Regulamento do Novo Mercado</I>); (ii) technical expertise; and (iii)
time availability. The current members were elected at the annual shareholders&#8217; meeting held on April 25, 2024. Pursuant to our
bylaws, the members of our Audit Committee may be appointed simultaneously with their election to the Board of Directors or by a subsequent
resolution at a Board of Director&#8217;s meeting. The members of the Audit Committee may only rejoin this committee three years after
the end of their term of office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The Audit Committee is mainly
responsible for assisting and advising the Board of Directors in its responsibilities to ensure the quality, transparency and integrity
of our published consolidated financial information and consolidated financial statements. The Audit Committee is also responsible for
supervising all matters relating to the code of conduct</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0pt">and integrity, accounting, internal controls,
the internal and independent audit functions, compliance, risk management and internal policies, such as the related party&#8217;s transaction
policy. The Audit Committee and its members have no decision-making powers or executive functions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">If our Proposed Privatization
is consummated, the committee will no longer be governed by the provisions of Law No. 13,303/2016 and will follow the guidelines of CVM
Resolution No. 23, dated February 25, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><I>Eligibility Committee </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">In accordance with Federal
Law No. 13,303/2016, and pursuant to our bylaws, we have an Eligibility Committee responsible for supervising the process for the appointment
and evaluation of members of our Board of Directors, Board of Executive Officers and Fiscal Council. Currently, this Committee is not
responsible for supervising the process of compensation of members of the Company&#8217;s statutory bodies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">This committee consists of
up to three members, elected by the General Shareholders&#8217; Meeting, without a fixed term of office. Members must have at least three
years&#8217; professional experience in public administration, or three years&#8217; experience in the private sector in an area in which,
or related to which, we operate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">If our Proposed Privatization
is consummated, pursuant to our new bylaws, an Eligibility and Compensation Committee responsible for supervising the process for the
appointment, evaluation and compensation of members of the Company&#8217;s statutory and non-statutory bodies will be created. It will
be composed of at least three and up to five members, elected by our Board of Directors, all with compatible academic backgrounds or relevant
professional experience in the matters falling within their competence, with at least one of them being an independent member, who will
act as the committee&#8217;s coordinator. Its purpose is to verify the process for appointing and evaluating officers, directors and members
of the Fiscal Council, Statutory and Non-Statutory departments and to dealing with matters related to the compensation and benefits of
directors, officers and members of Statutory and Non-Statutory departments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><U>Sustainability and Corporate Accountability
Committee</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">If our Proposed Privatization
is consummated, pursuant to our new bylaws, a Sustainability and Corporate Accountability Committee will be created. It will be composed
of at least three and up to five members, being four members elected by our Board of Directors and one member by our employees in a direct
election, which may count on our administrative support, if requested. Through the Sustainability and Corporate Accountability Committee,
we intend to integrate the environmental, social and corporate governance practices into the business strategy, as well as encourage the
adoption of the highest socio-environmental and governance standards in our corporate policies and operations. The Sustainability and
Corporate Accountability Committee will (i) monitor the implementation of the sustainability and climate change policy and the sustainable
management of natural resources, adequacy of working conditions and positive involvement with communities, including monitoring our goals
for water efficiency, conservation of natural resources and social impact; and (ii) verify the performance of the Social and Environmental
Management System, for an integrated assessment of social and environmental risks and impacts, when applicable, in our locations and operations
areas, among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><U>Related Party Transactions Committee </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">If our Proposed Privatization
is consummated, pursuant to our new bylaws, a Related Party Transactions Committee will be created. It will be composed of at least three
and up to five members, elected by our Board of Directors. The Related Party Transactions Committee will be dedicated to handling of related
party transactions and situations involving potential conflicts of interest, in order to preserve the Company&#8217;s interests and ensure
full independence and absolute transparency and shall report to the Audit Committee as appropriate. The Related Party Transactions Committee
will: (i) ensure compliance with the criteria established in the institutional policy on transactions with related parties approved by
the Board of Directors; (ii) analyze and express an opinion on any operations that characterize a transaction with a related party and
the impact of their conclusion; and (iii) provide an opinion, by means of a reasoned statement, on situations involving a potential conflict
of interest in a transaction with a related party, when a director, shareholder or other governance agent is not independent in relation
to the matter under discussion and may influence or make decisions motivated by particular interests or interests different from those
of the company, even if they converge with the company&#8217;s interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>Proposed Privatization</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">On December 8, 2023, the
State of S&atilde;o Paulo enacted State Law No. 17,853/2023, providing the authorization for our Proposed Privatization and its general
guidelines. State Law No. 17,853/2023 also provides that, if our Proposed</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0pt">Privatization is consummated, our bylaws will
be amended to provide for a golden share, owned exclusively by the State of S&atilde;o Paulo, which will grant the State of S&atilde;o
Paulo veto power over proposed changes to: (i) our name and headquarters; (ii) our corporate purpose of providing water and sewage services;
and (iii) any provisions in our bylaws regarding limits on the exercise of voting rights attributed to shareholders or groups of shareholders.
On May 27, 2024, we held an extraordinary shareholders&#8217; meeting, which approved changes to our bylaws conditional upon the consummation
of our Proposed Privatization, such as, <I>inter alia</I>, an authorized capital provision, the golden share terms and conditions, a provision
that will have the effect of avoiding the concentration of more than 30% of our common voting shares in the hands of one or a small group
of shareholders and poison pill provisions. See our 2023 Form 20-F for further information about our Proposed Privatization and the amendment
to our bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Reference Investor</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As part of our Proposed Privatization,
the State of S&atilde;o Paulo will offer common shares to a reference investor (the &#8220;Reference Investor&#8221;) through a public
competitive process consisting of the submission of pricing and volume proposals (the &#8220;Bidding Process&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In accordance with the rules
governing our Proposed Privatization and the Bidding Process, a priority offering in Brazil will allocate certain of our shares to the
Reference Investor. This Bidding Process follows a structured procedure to ensure compliance with relevant regulations and transparency.
Potential investors must thoroughly review relevant documents, particularly those detailing risk factors, as well as our 2023 Form 20-F
and the June Form 6-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The two proposals with the best
terms will be publicly announced. Each proposal will be part of a bookbuilding process that will determine the winning Reference Investor.
The Reference Investor will enter into a certain investment agreement (the &#8220;Investment Agreement&#8221;) with the State of S&atilde;o
Paulo, which will govern its corporate governance rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The consummation of our Proposed
Privatization is conditioned upon our price per share being equal to or higher than a minimum price recommended by our board of directors
of and as approved by the governor of the State of S&atilde;o Paulo (the &#8220;Minimum Price Condition&#8221;). If the Minimum Price
Condition is not met by the completion date of the bookbuilding procedure, our Proposed Privatization will not be consummated.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><A NAME="a_006"></A>DESCRIPTION OF AMERICAN DEPOSITARY SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We have listed on the NYSE
ADSs representing our common shares. The Bank of New York Mellon has agreed to act as the depositary bank with respect to our ADSs (&#8220;BNYM&#8221;
or &#8220;Depositary&#8221;). BNYM&#8217;s depositary offices are located at 240 Greenwich Street, New York, New York 10286. The ADSs
represent ownership interests in securities that are on deposit with the Depositary and may be represented by certificates that are commonly
known as &#8220;American Depositary Receipts&#8221; or &#8220;ADRs.&#8221; The Depositary typically appoints a custodian to safekeep the
securities on deposit. In our case, the custodian is Banco Bradesco, located at Departamento de A&ccedil;&otilde;es e Cust&oacute;dia,
N&uacute;cleo Cidade de Deus, no number, Pr&eacute;dio Amarelo, 1<SUP>st</SUP> floor, Vila Yara, Osasco, S&atilde;o Paulo, Brazil, CEP
06029-900.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The ADSs are issued pursuant
to a deposit agreement. The deposit agreement will be amended and restated upon and subject to the consummation of the Proposed Privatization.
A form of the proposed amended and restated deposit agreement is on file with the SEC under cover of Post-Effective Amendment No. 1 to
the Registration Statement on Form F-6 (Reg. No. 333-185993). You may obtain a copy of the proposed deposit agreement from the SEC&#8217;s
Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549 and from the SEC&#8217;s website (www.sec.gov).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We are providing you with
a summary description of the material terms of the ADSs and of your material rights as an ADS holder. Please remember that summaries by
their nature lack the precision of the information summarized and that the rights and obligations of an ADS holder will be determined
by reference to the terms of the deposit agreement and not by this summary. We urge you to review the deposit agreement in its entirety.
The portions of this summary description that are italicized describe matters that may be relevant to the ownership of ADSs but that may
not be contained in the deposit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Each ADS represents the right
to receive, and to exercise the beneficial ownership interests in, one common share on deposit with the Depositary or custodian. An ADS
also represents the right to receive, and to exercise the beneficial interests in, any other property received by the Depositary or the
custodian on behalf of the owner of the ADS but that has not been distributed to the owners of ADSs. The deposited common shares and any
other securities or other property the Depositary is holding under the Deposit Agreement are referred to collectively as the &#8220;Deposited
Securities&#8221;. We and the Depositary may agree to change the ADS-to-common share ratio by amending the deposit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">You may hold ADSs either
(A) directly (i) by having an American Depositary Receipt, also referred to as an ADR, which is a certificate evidencing a specific number
of ADSs, registered in your name, or (ii) by having uncertificated ADSs registered in your name, or (B) indirectly by holding a security
entitlement in ADSs through your broker or other financial institution that is a direct or indirect participant in The Depository Trust
Company, also called DTC. If you hold ADSs directly, you are a registered ADS holder, also referred to as an ADS holder. This description
assumes you are an ADS holder. If you hold the ADSs indirectly, you must rely on the procedures of your broker or other financial institution
to assert the rights of ADS holders described in this section. You should consult with your broker or financial institution to find out
what those procedures are.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Registered holders of uncertificated
ADSs will receive statements from the depositary confirming their holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">As an ADS holder, we will
not treat you as one of our shareholders and you will not have shareholder rights. Brazilian law governs shareholder rights. The depositary
will be the holder of the shares underlying your ADSs. As a registered holder of ADSs, you will have ADS holder rights. A deposit agreement
among us, the depositary, ADS holders and all other persons indirectly or beneficially holding ADSs sets out ADS holder rights as well
as the rights and obligations of the depositary. New York law governs the deposit agreement and the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">As an ADS holder or beneficial
owner of ADSs, applicable laws and regulations may require you to satisfy reporting requirements and obtain regulatory approvals in certain
circumstances. You are solely responsible for complying with such reporting requirements and obtaining such approvals. Neither the Depositary,
the custodian, us or any of their or our respective agents or affiliates shall be required to take any actions whatsoever on your behalf
to satisfy such reporting requirements or obtain such regulatory approvals under applicable laws and regulations.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="text-decoration: none">Dividends and Distributions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">As a holder of ADSs, you
generally have the right to receive the distributions we make on the securities deposited with the custodian. Your receipt of these distributions
may be limited, however, by practical considerations and legal limitations. ADSs holders will receive such distributions under the terms
of the deposit agreement in proportion to the number of ADSs held as of the specified record date, after deduction of the applicable fees,
taxes and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0cm"><B>Distributions of Cash</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Upon receipt of confirmation
of the receipt of any cash dividend or other cash distribution on any Deposited Securities, the Depositary will arrange for the funds
received in a currency other than U.S. dollars to be converted into U.S. dollars and for the distribution of the U.S. dollars to the holders
as of the record date. The conversion into U.S. dollars will take place only if lawful and reasonable practicable and if the U.S. dollars
are transferable to the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The distribution of cash
will be made net of the fees, expenses, taxes and governmental charges payable by ADS holders under the terms of the deposit agreement.
In the event that we or the Depositary shall be required to withhold and does withhold from such cash dividend or such other cash distribution
an amount on account of taxes, the amount distributed to ADS holders shall be reduced accordingly. We or our agent will remit to the appropriate
governmental agency in Brazil all amounts withheld and owing to such agency. The Depositary will forward to us or our agent such information
from its records as we may reasonably request to enable us or our agent to file necessary reports with governmental agencies, and the
Depositary or us or our agent may file any such reports necessary to obtain benefits under the applicable tax treaties for ADS holders.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="text-decoration: none">Distributions of Shares</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Whenever we intend to make
a free distribution that consist of a dividend in, or free distribution of, common shares for the securities on deposit with the custodian,
the Depositary may, and shall if we shall so request, distribute to holders of outstanding ADSs additional ADSs representing the common
shares received as such dividend or free distribution. Fractional entitlements will be sold and the proceeds of such sale will be distributed.
If additional ADSs are not so distributed, each ADS shall also represent the additional common shares distributed upon the Deposited Securities
represented thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The distribution of new ADSs
upon a distribution of common shares will be made net of the fees, expenses, taxes and governmental charges payable by holders under the
terms of the deposit agreement. In order to pay such taxes or governmental charges, the Depositary may sell all or a portion of the new
common shares so distributed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">No such distribution of new
ADSs will be made if it would violate a law (<I>e.g.</I>, the U.S. securities laws) or if it is not operationally practicable. If the
Depositary does not distribute new ADSs as described above, it may sell the common shares received upon the terms described in the deposit
agreement and will distribute the proceeds of the sale as in the case of a distribution of cash.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="text-decoration: none">Distributions of Rights</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Whenever we intend to distribute
rights to subscribe for additional common shares or any rights of any other nature, we will assist the Depositary in determining whether
it is lawful and reasonably practicable to distribute rights to subscribe for additional ADSs to ADS holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The Depositary may, following
consultation with us, establish procedures to distribute rights to subscribe for additional ADSs to ADS holders or dispose such rights
on behalf of any ADS holders and make the net proceeds available to such holders if it is lawful and reasonably practicable to make the
rights available to ADS holders of ADSs, and if we provide all of the documentation contemplated in the deposit agreement (such as opinions
to address the lawfulness of the transaction), or it may allow rights to lapse. You may have to pay fees, expenses, taxes and other governmental
charges to subscribe for the new ADSs upon the exercise of your rights. The Depositary is not obligated to establish procedures to facilitate
the distribution and disposal by holders of rights to subscribe for new common shares other than common shares represented by ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">In circumstances in which
rights would otherwise not be distributed, if an ADS holder requests the distribution of warrants or other instruments in order to exercise
the rights allocable to the ADSs, the Depositary will make such rights available to such holder upon written notice from us to the Depositary
that (i) we have elected in our sole discretion to permit such rights to be exercised; and (ii) such holder has executed such documents
as we have determined in our sole discretion are reasonably required under applicable law. If the Depositary has distributed warrants
or other instruments for rights to all or certain holders, then upon instruction from such a holder to exercise such rights and payment
to the Depositary for an amount equal to the purchase price of the common shares to be received upon the exercise of the rights and the
fees and expenses of the Depositary and any other charges as set forth in such warrants or other instruments, the Depositary shall, on
behalf of such holder, exercise the rights and purchase the common shares. The Depositary will deposit the common shares and deliver ADSs
to such ADS holder. Such ADS may be legended in accordance with applicable U.S. laws and shall be subject to the appropriate restrictions
on sale, deposit, cancellation, and transfer under such laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The Depositary will <I>not</I>
distribute the rights to you if, for any reason, the Depositary determines that it is not lawful and feasible to make such rights available
to all or certain holders.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The Depositary will not offer
rights to holders unless both the rights and the securities to which such rights relate are either exempt from registration under the
Securities Act with respect to a distribution to holders or are registered under the provisions of such Securities Act; provided that
nothing in the deposit agreement shall create, or shall be construed to create, any obligation on our part to file such a registration
statement or to endeavor to have such a registration statement declared effective. If an ADS holder requests distribution of warrants
or other instruments, notwithstanding that there has been no such registration under the Securities Act, the Depositary shall not effect
such distribution unless it has received an opinion from our counsel in the United States that such distribution is exempt from such registration,
or if we notify the Depositary in writing that the issuance of common shares is either as a bonus, share split or similar event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0cm"><B>Distribution of Additional
Shares, Rights, etc. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Whenever we intend to distribute
to holders of our common shares (i) additional common shares, (ii) rights to subscribe for common shares, (iii) securities convertible
into common shares, or (iv) rights to subscribe for such securities (each a &#8220;Distribution&#8221;), we will indicate whether we wish
the distribution to be made available to you. In such case, we will assist the Depositary in determining whether such distribution is
lawful and reasonably practicable and we will furnish to the Depositary a written opinion from our United States counsel stating whether
or not the Distribution requires a Registration Statement under the Securities Act to be in effect prior to making such Distribution.
In case it is required, such counsel shall furnish to the Depositary a written opinion as to whether or not there is a Registration Statement
in effect which will cover such Distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The Depositary will make
the distribution available to you only if it is lawful and reasonably practicable and if we have provided all of the documentation contemplated
in the deposit agreement. In such case, the Depositary will establish procedures to enable you to elect to receive either cash or additional
ADSs, in each case as described in the deposit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">If the election distribution
is not made available to you, you will receive either cash or additional ADSs, depending on what a shareholder in the Federative Republic
of Brazil would receive upon failing to make an election, as more fully described in the deposit agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="text-decoration: none">Distributions Other Than
Cash, Shares or Rights</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Whenever we intend to distribute
property other than cash, common shares or rights to subscribe for additional common shares, we will notify the Depositary in advance
and will assist the Depositary in determining whether such distribution to ADS holders is lawful and reasonably practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">If it is lawful and reasonably
practicable to distribute such property to you and if we provide to the Depositary all of the documentation contemplated in the deposit
agreement, the Depositary will distribute the property to the holders in a manner it deems practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The distribution will be
made net of fees, expenses, taxes and governmental charges payable by holders under the terms of the deposit agreement. In order to pay
such taxes and governmental charges, the depositary bank may sell all or a portion of the property received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">If in the opinion of the
Depositary such distribution cannot be made proportionately among the holders, or if for any other reason the Depositary deems such distribution
not to be feasible, the Depositary may adopt such method as it may reasonably deem equitable and practicable for the purpose of effecting
such distribution, including, but not limited to, the public or private sale of the securities or property thus received, or any part
thereof, and the net proceeds of any such sale to the holders as in the case of a distribution received in cash; provided that any unsold
balance shall be distributed to the holders, if such distribution is feasible without withholding for or on account of any taxes or other
governmental charges and without registration under the Securities Act; provided, further, that no distribution shall be unreasonably
delayed by any action of the Depositary. To the extent such property, or the net proceeds, is not effectively distributed to holders,
the same shall constitute Deposited Securities and each ADS shall thereafter also represent its proportionate interest in such property
or net proceeds.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="text-decoration: none">Changes Affecting Deposited
Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The Deposited Securities
may change from time to time. For example, there may be a change in nominal or par value, split-up, cancellation, consolidation or any
other reclassification of our common shares or a recapitalization, reorganization, merger, consolidation or sale of our assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">If any such change were to
occur, the new securities received by the Depositary would, to the extent permitted by law and the deposit agreement, be treated as new
Deposited Securities, and ADSs would thenceforth represent, the new</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0pt">Deposited Securities so received. In the event
of a change in the Deposited Securities, the Depositary may call for the surrender of outstanding ADRs to be exchanged for new ADRs specifically
describing such new Deposited Securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="text-decoration: none">Issuance of ADSs upon Deposit
of Common Shares</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Upon completion of the offering,
the common shares being offered pursuant to the prospectus will be deposited by us with the Custodian.&nbsp;Upon receipt of confirmation
of such deposit, the Depositary will deliver ADSs to the underwriters named in the prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">After the closing of the
offering, the Depositary may create ADSs on your behalf if you or your broker deposit common shares with the Custodian. The Depositary
will deliver these ADSs to the person you indicate only after you pay any applicable issuance fees and any charges and taxes payable for
the transfer of the common shares to the Custodian. Your ability to deposit common shares and receive ADSs may be limited by U.S. and
the Federative Republic of Brazil legal considerations applicable at the time of deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The issuance of ADSs may
be delayed until the Depositary or the Custodian receives confirmation that all required approvals have been given and that the common
shares have been duly transferred to the Custodian. The Depositary will only deliver ADSs in whole numbers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">When you make a deposit of
common shares, you will be responsible for transferring good and valid title to the Depositary. As such, you will be deemed to represent
and warrant that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 34.2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The common shares are duly authorized, validly issued, fully paid, non&#45;assessable
and legally obtained.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 34.2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All preemptive (and similar) rights, if any, with respect to such common
shares have been validly waived or exercised.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 34.2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">You are duly authorized to deposit the common shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 34.2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The deposit of such common shares and the sale of ADRs evidencing ADSs representing such common shares
are not restricted under the Securities Act.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Such representations and
warranties shall survive the deposit of common shares and delivery of ADSs. If any of the representations or warranties are incorrect
in any way, we and the Depositary may, at your cost and expense, take any and all actions necessary to correct the consequences of the
misrepresentations.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="text-decoration: none">Transfers, Split-Ups, and
Combinations of ADRs</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">As an ADS holder, you will
be entitled to transfer your ADSs and to combine or split up ADRs evidencing your ADSs. To register a transfer of ADSs, you will have
to surrender any ADRs evidencing those ADSs to the Depositary and also must:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">ensure that any surrendered ADR is properly endorsed or otherwise in proper
form for transfer or accompanied by instruments of transfer or you must present a proper instruction for transfer of uncertificated ADSs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">provide proof of identity and genuineness of any signatures, if required;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">comply with regulations that the Depositary may establish consistent for
such purpose;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">provide any transfer stamps required by the State of New York or the United
States; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The delivery or registration
of transfer of ADSs may be suspended, or the transfer of ADSs in particular instances may be refused, during any period when the transfer
books of the Depositary are closed, or if any such action is deemed necessary or advisable by the Depositary or us at any time. The Depositary
shall not knowingly accept for deposit any common shares required to be registered under the provisions of the Securities Act, unless
a registration statement is in effect as to such common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0cm"><B>Surrender of ADS and Withdrawal
of Deposited Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">As a holder, you will be
entitled to present your ADSs to the Depositary for cancellation and then receive the corresponding number of underlying common shares
at the custodian&#8217;s offices. Your ability to withdraw the common shares held in respect of the ADSs may be limited by U.S. and the
Federative Republic of Brazil law considerations applicable at the time of withdrawal. In order to withdraw the common shares represented
by your ADSs, you will be required to pay to the Depositary the fees for cancellation of ADSs and any charges and taxes payable upon the
transfer of</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0pt">the common shares. You assume the risk for delivery
of all funds and securities upon withdrawal. Once canceled, the ADSs will not have any rights under the deposit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Delivery of such Deposited
Securities may be made by the delivery of (i) Deposited Securities in your name or as ordered by you or by certificates properly endorsed
or accompanied by proper instruments of transfer to you or as ordered by you; and (ii) any other securities, property and cash to which
you are entitled in respect surrendered ADSs to you or as ordered by you. Such delivery shall be at your risk and expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">If you hold ADSs registered
in your name, the Depositary may ask you to provide proof of identity and genuineness of any signature and such other documents as the
Depositary may deem appropriate before it cancels your ADSs. The withdrawal of the common shares represented by your ADSs may be delayed
until the Depositary receives satisfactory evidence of compliance with all applicable laws and regulations. Please keep in mind that the
Depositary will only accept ADSs for cancellation that represent a whole number of securities on deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">You will have the right to
withdraw the Deposited Securities at any time except for:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 34.2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Temporary delays that may arise because (i)&nbsp;ours or the Depositary&#8217;s
transfer books are closed, or (ii)&nbsp;common shares are immobilized on account of a shareholders&#8217; meeting or a payment of dividends.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 34.2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Obligations to pay fees, taxes and similar charges.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 34.2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Restrictions imposed because of compliance with any United States or foreign
laws or governmental regulations applicable to ADSs, our <I>estatuto social </I>(By-laws) or the withdrawal of the Deposited Securities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The deposit agreement may
not be modified to impair your right to withdraw the securities represented by your ADSs except to comply with mandatory provisions of
law.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="text-decoration: none">Voting Rights</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">As a holder, you generally
have the right under the deposit agreement to instruct the Depositary to exercise the voting rights for the common shares represented
by your ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt"><I>Pursuant to our bylaws,
the holders of common shares may be subject to certain restrictions on their ability to exercise their voting rights, regardless of the
amount of a holder&#8217;s shares as well as remove or restrict the voting rights where the voting rights of the owners of such shares
exceed the limits imposed by applicable Brazilian law and/or our bylaws. If our Proposed Privatization is consummated, our bylaws will
limit our shareholders, including you as a holder of our ADSs, from exercising votes in excess of 30% of the number of shares into which
our voting capital is divided</I>. For further information about the voting rights of holders of common shares see &#8220;Exhibit 2.1.
Description of Securities registered under Section 12 of the Exchange Act&#8221; incorporated by reference to the 2023 Form 20-F, which
is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">At our request, the Depositary
will distribute to you any notice of shareholders&#8217; meeting received from us together with a statement that you will be entitled
to the exercise of the voting rights and a statement with information explaining how to instruct the Depositary to exercise the voting
rights of the deposited securities represented by ADSs. In lieu of distributing such materials, the Depositary may distribute to holders
of ADSs instructions on how to retrieve such materials upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">If the Depositary timely
receives voting instructions from an ADS holder, it will endeavor to vote the deposited securities (in person or by proxy) represented
by the holder&#8217;s ADSs in accordance with such voting instructions. The Depositary shall not vote or attempt to exercise the right
to vote that attaches to the Shares or other Deposited Securities, other than in accordance with such instructions or deemed instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">In case no voting instructions
for Deposited Securities have been received, the Depositary shall deem such holder to have instructed the Depositary to give a discretionary
proxy to a person designated by us with respect to such Deposited Securities, and the Depositary shall give a discretionary proxy to a
person designated by us to vote such Deposited Securities, provided, that no such instruction shall be deemed given and no such discretionary
proxy shall be given with respect to any matter as to which we inform the Depositary that (i) we do not wish such proxy given, (ii) substantial
opposition exists, or (iii) such matter materially and adversely affects the rights of holders of common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Please note that the ability
of the Depositary to carry out voting instructions may be limited by practical and legal limitations and the terms of the securities on
deposit. We cannot assure you that you will receive voting materials in time to enable you to return voting instructions to the Depositary
in a timely manner.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">In addition, the Depositary
and we may require you to certify us that (i) you do not own, directly or indirectly, shares and/or do not and will not exercise voting
rights in excess of the limits imposed by applicable Brazilian law or our bylaws; and (ii) you have not entered into any agreement with
the intent to exceed the limits on ownership of shares and/or voting rights imposed by applicable Brazilian law and/or our bylaws. The
failure to provide such certification (if required by us and the Depositary) may invalidate your voting instructions.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="text-decoration: none">Fees and Charges</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">As an ADS holder, you will
be required to pay the following fees under the terms of the deposit agreement:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; border: Black 1pt dotted; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B><U>Service</U></B></FONT></TD>
    <TD STYLE="width: 52%; border-top: Black 1pt dotted; border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B><U>Fees</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; border-left: Black 1pt dotted; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 18pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 8pt">Delivery of ADSs and surrender of ADSs</FONT></TD>
    <TD STYLE="border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">Up to U.S. $5.00 (or less) per 100 ADSs (or portion thereof)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; border-left: Black 1pt dotted; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 18pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 8pt">Cash distribution</FONT></TD>
    <TD STYLE="border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">Up to US$0.05 (or less) per ADS (or portion thereof)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; border-left: Black 1pt dotted; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 18pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 8pt">Distribution of securities distributed to holders of deposited securities which are distributed by the Depositary to ADS holders </FONT></TD>
    <TD STYLE="border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">A fee equivalent to an amount equal to the fee for the execution and delivery of ADSs which would have been charged as a result of the deposit of such securities, but which securities are instead distributed to you</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; border-left: Black 1pt dotted; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 18pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 8pt">Depositary services</FONT></TD>
    <TD STYLE="border-right: Black 1pt dotted; border-bottom: Black 1pt dotted; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">Up to US$0.05 (or less) per ADS (or portion thereof) per calendar year (in addition to any cash distribution fee that the Depositary has collected during the year)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">As an ADS holder, under the
terms of the deposit agreement, you will also be responsible to pay certain charges such as:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">taxes and other governmental charges;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the registration or transfer fees as may from time to time be in effect
for the registration of transfers of common shares on the common share register to or from the name of the Depositary or its agent upon
the making of deposits and withdrawals of common shares;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">cable, telex and facsimile transmission expenses;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the expenses and charges incurred by the Depositary in the conversion of
foreign currency; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any charges incurred by the Depositary or its agents for servicing the Deposited
Securities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">All ADS fees and charges
may, at any time and from time to time, be changed by agreement between us and the Depositary but, in the case of ADS fees and charges
payable by the ADS holders, only in the manner contemplated in the deposit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">ADS fees and charges payable
upon (i) the issuance of ADSs, and (ii) the cancellation of ADSs are charged to the person to whom the ADSs are issued (in the case of
ADS issuances) and to the person whose ADSs are cancelled (in the case of ADS cancellations). In the case of ADSs issued by the Depositary
into DTC, the ADS issuance and cancellation fees and charges may be deducted from distributions made through DTC, and may be charged to
the DTC participant(s) receiving the ADSs being issued or the DTC participant(s) holding the ADSs being cancelled, as the case may be,
on behalf of the beneficial owner(s) and will be charged by the DTC participant(s) to the account of the applicable beneficial owner(s)
in accordance with the procedures and practices of the DTC participants as in effect at the time. ADS fees and charges in respect of distributions
and the ADS service fee are charged to the holders as of the applicable ADS record date. In the case of distributions of cash, the amount
of the applicable ADS fees and charges is deducted from the funds being distributed. In the case of (i) distributions other than cash
and (ii) the ADS service fee, holders as of the ADS record date will be invoiced for the amount of the ADS fees and charges and such ADS
fees and charges may be deducted from distributions made to holders of ADSs. For ADSs held through DTC, the ADS fees and charges for distributions
other than cash and the ADS service fee may be deducted from distributions made through DTC, and may be charged to the DTC participants
in accordance with the procedures and practices prescribed by DTC and the DTC participants in turn charge the amount of such ADS fees
and charges to the beneficial owners for whom they hold ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The obligations of the ADS
holders and beneficial owners to pay ADS fees and charges shall survive the termination of the deposit agreement and, in case of resignation
or removal of the Depositary, the right to collect ADS fees and charges shall extend for those ADS fees and charges incurred prior to
the effectiveness of such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0cm"><B>Amendments and Termination</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We may agree with the Depositary
to modify the deposit agreement at any time without your consent. We undertake to give holders 30 days&#8217; prior notice of any amendment
or supplement that imposes or increases any fees or charges (other than charges in connection with governmental charges, registration
fees, cable, telex or facsimile transmission costs, delivery and other such expenses), or which shall otherwise materially prejudice any
substantial existing right of the ADS holder. We may not be able to provide you with prior notice of any modifications or supplements
that are required to accommodate compliance with applicable provisions of a new law and, in that case, the 30 day prior notice requirement
for effectiveness of the amendment would not apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">You will consent, agree and
be bound by the modifications to the deposit agreement if you continue to hold your ADSs after the modifications to the deposit agreement
become effective. The deposit agreement cannot be amended to prevent you from surrendering ADS for the purpose of withdrawal of Deposited
Securities (except in order to comply with mandatory provisions of applicable law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We have the right to direct
the Depositary to terminate the deposit agreement by giving notice of such termination to the holders of all ADRs then outstanding at
least 90 days prior to the date of the notice. Similarly, the Depositary may on its own initiative terminate the deposit agreement by
giving notice of such termination 30 days prior to the date such termination is to take effect to us and the holders of all ADRs then
outstanding, if at any time 90 days shall have expired after the Depositary shall have delivered to us a written notice of its election
to resign and a successor depositary shall not have been appointed and accepted its appointment. Until termination, your rights under
the deposit agreement will be unaffected.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-size: 10pt">If
any ADSs remain outstanding after the date of termination, the Depositary shall discontinue the registration of transfers of ADSs, suspend
the distribution of dividends to the holders, shall not accept deposits of common shares (and shall instruct the Custodian to act accordingly),
and shall not give any further notices or perform any further acts under the deposit agreement, except that the Depositary, will continue
to collect dividends and distributions received (but will not distribute any such property until you request the cancellation of your
ADSs), may sell the securities held on deposit and will continue to deliver Deposited Securities, together with any dividends or other
distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for ADRs surrendered
to the Depositary. </FONT>At any time after the expiration of four months from the date of termination, the Depositary may sell, by public
or private sale, the Deposited Securities then held and may thereafter <FONT STYLE="font-size: 10pt">hold the proceeds from such sale
and any other funds then held for the pro rata benefit of the holders of ADSs in a non-interest bearing account. At that point, the Depositary
will have no further obligations to holders other than to account for the funds then held for the holders of ADSs still outstanding (after
deduction of applicable fees, taxes and expenses).</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="text-decoration: none">Books of Depositary</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The Depositary will maintain
ADS holder records at its depositary office. You may inspect such records at such office during regular business hours but solely for
the purpose of communicating with other holders in the interest of business matters relating to the ADSs and the deposit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The Depositary will maintain
in New York facilities to record and process the issuance, cancellation, combination, split-up and transfer of ADSs. These facilities
may be closed from time to time, to the extent not prohibited by law.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="text-decoration: none">Limitations on Obligations
and Liabilities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The deposit agreement limits
our obligations and the Depositary &#8217;s obligations to you. Please note the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We and the Depositary are obligated only to take the actions specifically
stated in the deposit agreement without negligence or bad faith.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Depositary disclaims any liability with respect to the validity or worth of the Deposited Securities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">We and the Depositary will not be obligated to appear in, prosecute or defend any action, suit or other
proceeding in respect of any Deposited Securities or in respect of the ADSs, which in its reasonable opinion may involve it in expense
or liability.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Depositary disclaims any liability for any failure to carry out voting
instructions, for any manner in which a vote is cast or for the effect of any vote, provided it acts in good faith.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We and the Depositary disclaim any liability if we or the Depositary are
prevented or forbidden from or subject to any civil or criminal penalty or restraint on account of, or delayed in, doing or performing
any act or thing required by the terms of the deposit agreement, by reason of any provision, present or future of any law or regulation, or by reason of present or
future provision of any provision of our bylaws<I>,</I> or any provision of or governing the securities on deposit, or by reason of any
act of God or war or other circumstances beyond our control.</FONT></TD></TR></TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We and the Depositary disclaim any liability by reason of any exercise of,
or failure to exercise, any discretion provided for in the deposit agreement or in our bylaws or in any provisions of or governing the
securities on deposit.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We and the Depositary further disclaim any liability for any action or inaction
in reliance on the advice or information received from legal counsel, accountants, any person presenting common shares for deposit, any
holder of ADRs or authorized representatives thereof, or any other person believed by either of us in good faith to be competent to give
such advice or information.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We and the Depositary also disclaim liability for the inability by a holder
to benefit from any distribution, offering, right or other benefit that is made available to holders of Deposited Securities but is not,
under the terms of the deposit agreement, made available to you.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We and the Depositary may rely without any liability upon any written notice,
request or other document believed to be genuine and to have been signed or presented by the proper parties.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We and the Depositary also disclaim liability for any consequential or punitive
damages for any breach of the terms of the deposit agreement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">No disclaimer of any Securities Act liability is intended by any provision
of the deposit agreement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">We and the Depositary disclaim any liability for the acts or omissions of any securities depository,
clearing agency or settlement system in connection with or arising out of book-entry settlement of Deposited Securities or otherwise.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt"><I>As the above limitations
relate to our obligations and the depositary&#8217;s obligations to you under the deposit agreement, we believe that, as a matter of construction
of the clause, such limitations would likely to continue to apply to ADS holders who withdraw the common shares from the ADS facility
with respect to obligations or liabilities incurred under the deposit agreement before the cancellation of the ADSs and the withdrawal
of the common shares, and such limitations would most likely not apply to ADS holders who withdraw the common shares from the ADS facility
with respect to obligations or liabilities incurred after the cancellation of the ADSs and the withdrawal of the common shares and not
under the deposit agreement.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt"><I>In any event, you will
not be deemed, by agreeing to the terms of the deposit agreement, to have waived our or the depositary&#8217;s compliance with U.S. federal
securities laws and the rules and regulations promulgated thereunder. In fact, you cannot waive our or the depositary&#8217;s compliance
with U.S. federal securities laws and the rules and regulations promulgated thereunder.</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="text-decoration: none">Taxes</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">You will be responsible for
the taxes and other governmental charges payable on the ADSs and the securities represented by the ADSs. We, the Depositary and the Custodian
may deduct from any distribution the taxes and governmental charges payable by holders and may sell any and all property on deposit to
pay the taxes and governmental charges payable by holders. You will be liable for any deficiency if the sale proceeds do not cover the
taxes that are due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The Depositary may refuse
to deliver ADSs, to deliver, transfer, split and combine ADRs or to release securities on deposit until all taxes and charges are paid
by the applicable holder. The Depositary and the Custodian may take reasonable administrative actions to obtain tax refunds and reduced
tax withholding for any distributions on your behalf. However, you may be required to provide to the Depositary and to the Custodian proof
of taxpayer status and residence and such other information as the Depositary and the Custodian may require to fulfill legal obligations.
You are required to indemnify us, the Depositary and the Custodian for any claims with respect to taxes based on any tax benefit obtained
for you.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="text-decoration: none">Foreign Currency Conversion</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The Depositary will arrange
for the conversion of all foreign currency received into U.S. dollars if such conversion is practical, and it will distribute the U.S.
dollars in accordance with the terms of the deposit agreement. You may have to pay fees and expenses incurred in converting foreign currency,
such as fees and expenses incurred in complying with currency exchange controls and other governmental requirements.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">If the conversion of foreign
currency is not practical or lawful, or if any required approvals are denied or not obtainable at a reasonable cost or within a reasonable
period, the Depositary may take the following actions in its discretion:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Make such conversion and distribution in U.S. dollars to the ADS holders for whom such conversion, transfer
and distribution is lawful and reasonably practicable.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Distribute the foreign currency to holders for whom the distribution is
lawful and reasonably practical.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Hold the foreign currency (without liability for interest) for the applicable
holders.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="text-decoration: none">Governing Law/Waiver of
Jury Trial</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The deposit agreement, the
ADRs and the ADSs will be interpreted in accordance with the laws of the State of New York. The rights of holders of common shares (including
common shares represented by ADSs) are governed by the laws of the Federative Republic of Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">AS A PARTY TO THE DEPOSIT
AGREEMENT, YOU IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, YOUR RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF THE DEPOSIT AGREEMENT OR THE ADRs AGAINST US AND/OR THE DEPOSITARY BANK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt"><I>If we or the depositary
opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable in the facts and circumstances
of that case in accordance with applicable case law. However, you will not be deemed, by agreeing to the terms of the deposit agreement,
to have waived our or the depositary&#8217;s compliance with U.S. federal securities laws and the rules and regulations promulgated thereunder</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><A NAME="a_007"></A>SELLING SHAREHOLDERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We may register for the sale
of our common shares by the selling shareholders by filing a prospectus supplement with the SEC. We may register these securities to permit
the selling shareholders to resell their common shares, when they deem appropriate. Except as may be set forth in any prospectus supplement,
the selling shareholders will pay all of the expenses in connection with the registration and the sale of the common shares, including
selling commissions and certain fees and expenses of counsel and other advisors to the selling shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">In the event of a secondary
offering, we will not receive any proceeds from the sale of common shares by the selling shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Information concerning the
selling shareholders may change from time to time, and any changed information will be set forth if and when required in the applicable
prospectus supplement. To the extent that this prospectus is used by the selling shareholders to offer or sell any common shares, information
with respect to the selling shareholders and the plan of distribution will be contained in a supplement to this prospectus, in a post-effective
amendment or in filings we make with the SEC under the Exchange Act. The registration of these securities does not mean that the selling
shareholders will sell or otherwise dispose of all or any of those securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We cannot provide an estimate
as to the number of common shares that will be held by the selling shareholders upon consummation of any offering or offerings covered
by this prospectus because such selling shareholders may offer some, all or none of such shareholder&#8217;s common shares in any such
offering or offerings. Furthermore, the selling shareholders may have sold, transferred or disposed of the common shares covered hereby
in transactions exempt from the registration requirements of the Securities Act since the date on which we filed this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We will provide to the selling
shareholders copies of this prospectus and any applicable prospectus supplement and will take certain other actions as are required to
permit unrestricted sales of the common shares to be sold by such selling shareholders.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><A NAME="a_008"></A>PLAN OF DISTRIBUTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">At the time of offering any
securities, we will supplement the following summary of the plan of distribution with a description of the offering, including the particular
terms and conditions thereof, set forth in a prospectus supplement relating to those securities. Each prospectus supplement with respect
to our securities will set forth the terms of the offering of those securities, including the name or names of any selling shareholders,
the name or names of any underwriters or agents, the price of such securities and the net proceeds to us or any selling shareholders from
such sale, any underwriting discounts, commissions or other items constituting underwriters&#8217; or agents&#8217; compensation, any
discount or concessions allowed or reallowed or paid to dealers and any securities exchanges on which those securities may be listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We and any selling shareholders
may sell the securities from time to time in their offering as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">through agents;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">to dealers or underwriters for resale;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">directly to purchasers; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">through a combination of any of these methods of sale.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We may solicit offers to
purchase securities directly from the public from time to time. We and any selling shareholders, as applicable, may sell securities to
one or more underwriters or dealers acting as principals, who would purchase the securities as principal for resale to the public, either
on a firm-commitment or best-efforts basis. The dealers, who may be deemed to be &#8220;underwriters&#8221; as that term is defined in
the Securities Act, may then resell those securities to the public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We may also designate agents
from time to time to solicit offers to purchase securities from the public on our behalf. The prospectus supplement relating to any particular
offering of securities will name any agents designated to solicit offers, and will include information about any commissions we may pay
the agents, in that offering. Agents may be deemed to be &#8220;underwriters&#8221; as that term is defined in the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">If we and/or the selling
shareholders sell securities to underwriters, we and/or such selling shareholders may execute an underwriting agreement with them at the
time of sale and will name them in the applicable prospectus supplement. In connection with those sales, underwriters may be deemed to
have received compensation from us or the selling shareholder in the form of underwriting discounts or commissions and may also receive
commissions from purchasers of the securities for whom they may act as agents. Underwriters may resell the securities to or through dealers,
and those dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions
from purchasers for whom they may act as agents. The applicable prospectus supplement will include any required information about underwriting
compensation we or any selling shareholders pay to underwriters, and any discounts, concessions or commissions underwriters allow to participating
dealers, in connection with an offering of securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">If we offer securities in
a subscription rights offering to our existing security holders, we may enter into a standby underwriting agreement with dealers, acting
as standby underwriters. We may pay the standby underwriters a commitment fee for the securities they commit to purchase on a standby
basis. If we do not enter into a standby underwriting arrangement, we may retain a dealer-manager to manage a subscription rights offering
for us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We may authorize underwriters,
dealers and agents to solicit from third parties offers to purchase securities under contracts providing for payment and delivery on future
dates. The applicable prospectus supplement will describe the material terms of these contracts, including any conditions to the purchasers&#8217;
obligations, and will include any required information about commissions we may pay for soliciting these contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Underwriters, dealers, agents
and other persons may be entitled, under agreements that they may enter into with us any selling shareholders or any other selling shareholders,
to indemnification by us and such selling shareholders, as applicable, against certain liabilities, including liabilities under the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Unless otherwise indicated
in the prospectus supplement for a particular offering of securities, each series of securities will be a new issue, and there will be
no established trading market for any security prior to its original issue date. We may or may not list any particular series of securities
on a securities exchange or quotation system. No assurance can be given as to the liquidity or trading market for any of the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We or any selling shareholders
may enter into derivative or other hedging transactions with third parties, or sell securities not covered by this prospectus to third
parties in privately negotiated transactions. If the applicable prospectus supplement indicates, in connection with those derivatives,
the third parties may sell securities covered by this prospectus</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0pt">and the applicable prospectus supplement, including
in short sale transactions. If so, the third party may use securities covered by this prospectus including securities pledged by us or
any selling shareholders or borrowed from us, any selling shareholders or others to settle those sales or to close out any related open
borrowing of stock, and may use securities received from us in settlement of those derivatives to close out any related open borrowings
of stock. The third party in such sale transactions will be an underwriter and, if not identified in this prospectus, will be identified
in the applicable prospectus supplement (or in a post-effective amendment). We or any selling shareholders may also sell common shares
or ADSs short using this prospectus and deliver common shares or ADSs covered by this prospectus to close out such short positions, or
loan or pledge common shares or ADSs to financial institutions that in turn may sell the common shares or ADSs using this prospectus.
We or any selling shareholders may pledge or grant a security interest in some or all of the securities covered by this prospectus to
support a derivative or hedging position or other obligation and, if we or any selling shareholders default in the performance of our/their
obligations, the pledgees or secured parties may offer and sell the securities from time to time pursuant to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Agreements that we or any
selling shareholders have entered into or may enter into with underwriters, dealers or agents may entitle them to indemnification by us
against various civil liabilities. These include liabilities under the Securities Act of 1933, as amended. The agreements may also entitle
them to contribution for payments which they may be required to make as a result of these liabilities. Underwriters, dealers or agents
may be customers of, engage in transactions with, or perform services for, us in the ordinary course of business.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><A NAME="a_009"></A>EXPERTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The consolidated financial
statements and management&#8217;s assessment of the effectiveness of internal control over financial reporting (which is included in Management&#8217;s
Annual Report on Internal Control over Financial Reporting) incorporated in this prospectus by reference to the 2023 Form 20-F for the
year ended December 31, 2023 have been so incorporated in reliance on the report of BDO RCS Auditores Independentes S.S. Ltda., independent
registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">With respect to the unaudited
condensed consolidated interim financial statements as of March 31, 2024 for the three-month period ended March 31, 2024, incorporated
by reference herein, BDO RCS Auditores Independentes S.S. Ltda., reported that they have applied limited procedures in accordance with
professional standards for a review of such information. However, BDO RCS Auditores Independentes S.S. Ltda.&rsquo;s separate report dated
June 21, 2024, appearing therein, states that they did not audit and they do not express an opinion on that unaudited condensed consolidated
interim financial statements. Accordingly, the degree of reliance on their report on such information should be restricted in light of
the limited nature of the review procedures applied. BDO RCS Auditores Independentes S.S. Ltda. are not subject to the liability provisions
of Section 11 of the Securities Act of 1933 for their report on the unaudited condensed consolidated interim financial statements because
that report is not a &ldquo;report&rdquo; or a &ldquo;part&rdquo; of the registration statement prepared or certified by BDO RCS Auditores
Independentes S.S. Ltda. within the meaning of Sections 7 and 11 of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">BDO RCS Auditores Independentes
S.S. Ltda. is a member of the Brazilian Institute of Independent Accountants (Instituto dos Auditores Independentes do Brasil), or Ibracon,
and the Brazilian Federal Accounting Council (Conselho Federal de Contabilidade), or the CFC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The consolidated financial
statements for each of the two years in the period ended December 31, 2022, incorporated by reference in this prospectus and elsewhere
in the registration statement have been so incorporated by reference in reliance upon the report of Grant Thornton Auditores Independentes
Ltda., independent registered public accountants, upon the authority of said firm as experts in accounting and auditing.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><A NAME="a_010"></A>VALIDITY OF SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The validity of the common
shares will be passed upon for us by Lefosse Advogados or any other law firm named in the applicable prospectus supplement as to certain
matters of Brazilian law. Certain U.S. legal matters will be passed upon for us by Clifford Chance US LLP or any other law firm named
in the applicable prospectus supplement.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><A NAME="a_011"></A>SERVICE OF PROCESS AND ENFORCEMENT OF JUDGMENTS
IN BRAZIL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 18pt">&#9;We are a corporation
organized under the laws of Brazil. All of our directors and executive officers and certain advisors named herein reside in Brazil or
elsewhere outside the United States, and all or a significant portion of the assets of such persons may be, and substantially all of our
assets are, located outside the United States. As a result, it will be necessary for you to comply with Brazilian law in order to obtain
an enforceable judgment against these foreign resident persons or our assets. It may not be possible for investors to effect service of
process within the United States or other jurisdictions outside Brazil upon such persons or to enforce against them or against us any
judgments obtained in such courts, including judgments predicated upon the civil liability provisions of the securities laws of the United
States or the laws of such other jurisdictions outside Brazil. We will appoint Corporation Service Company as our agent for service of
process in the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 18pt">&#9;We have been advised
by our internal and external counsel that judgments of non-Brazilian courts for civil liabilities predicated upon the securities laws
of such countries, including the securities laws of the United States or the United Kingdom, subject to certain requirements described
below, may be enforced in Brazil. A judgment against either us or any other person described above obtained outside Brazil would be enforceable
in Brazil against us or any such person without reconsideration of the merits, upon recognition of that judgment by the Brazilian Superior
Court of Justice (Superior Tribunal de Justi&ccedil;a, or the STJ). Pursuant to Law No. 13,105/15 (the &#8220;Brazilian Code of Civil
Procedure&#8221;), such recognition, generally, will occur if the foreign judgment:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">fulfills all formalities required for its enforceability and is effective
under the laws of the country where the foreign judgment is granted;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">is issued by a competent court and/or authority in the jurisdiction where
it was awarded, after proper service of process is made in accordance with the foreign applicable law or with Brazilian law if made in
Brazil, or, in case of service by publication, after sufficient evidence of the parties&#8217; absence has been given, as required by
applicable law;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">is final and not subject to appeal in the jurisdiction where it was rendered
(res judicata);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">does not violate a final and unappealable decision issued by a Brazilian
court on the same subject concerning the same parties, cause of action and claims;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">is duly authenticated by a Brazilian consulate or diplomatic office in the
country where the foreign judgment was issued or is duly apostilled in accordance with the Convention Abolishing the Requirement of Legalization
for Foreign Public Documents, or as otherwise provided by an international treaty to which Brazil is a signatory;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">is accompanied by a sworn translation into Portuguese</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">is not contrary to Brazilian national sovereignty, human dignity, public
policy or good morals (as set forth in Brazilian law); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">does not violate the exclusive jurisdiction of the Brazilian courts in accordance
with Brazilian law, pursuant to the provisions of art. 23 of the Brazilian Code of Civil Procedure.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 18pt">&#9;Notwithstanding the foregoing,
no assurance can be given that the process described above can be conducted in a timely manner or that a Brazilian court would enforce
a monetary judgment for violation of the securities laws of countries other than Brazil. In addition, in case of a claim filed before
the courts of Brazil, the application of a foreign body of law by Brazilian courts may be difficult, as Brazilian courts consistently
base their decisions on domestic law, or refrain from applying a foreign body of law for a number of reasons. Although remote, there is
a risk that Brazilian courts, considering a relevant case-by-case rationale, may dismiss a petition to apply a foreign body of law and
may adopt Brazilian laws to adjudicate the case. In any case, we cannot assure that Brazilian courts will confirm their jurisdiction to
rule on such matter, which will depend on the connection of the case to Brazil and, therefore, must be analyzed on a case-by-case basis.
The ability of a creditor to satisfy a judgment by attaching certain assets of the defendant is limited by provisions of Brazilian law.
In this regard, we understand that if any of our assets are deemed assets dedicated to providing an essential public service, they will
not be available for liquidation and will not be subject to attachment to secure a judgment. Additionally, enforcement of a foreign-obtained
judgment may be limited by bankruptcy, insolvency, fraudulent transfer, moratorium, liquidation, judicial or out-of-court reorganization,
and other legal provisions relating to or providing for the rights of creditors (for example, claims for salaries, wages, social security
and taxes, among others, will have preference over any claims).A plaintiff, whether Brazilian or non-Brazilian, who resides outside Brazil
or is outside Brazil during the course of litigation in Brazil, and who does not own real estate property in Brazil, must post a bond
in court to guarantee the payment of the defendant&#8217;s legal fees and court expenses, including fees awarded to the winning counsel.
This bond must have a value sufficient to satisfy the payment of an amount to be determined by the Brazilian judge, which, in turn, is
based on the amount under dispute. This requirement does not apply in the case of (i) exemptions from an</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0pt">international agreement or treaty to which Brazil
is signatory; (ii) an action for enforcement of an extrajudicial instrument (<I>t&iacute;tulo executivo extrajudicial</I>), which may
be enforced in Brazilian courts without review on the merits; (iii) enforcement of a judgment, including foreign judgments and arbitral
awards that have been duly recognized by the Brazilian Superior Court of Justice; and (iv) counterclaims, as established by article 83
of the Brazilian Code of Civil Procedure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 18pt">&#9;If proceedings are brought
before the Brazilian courts seeking to enforce obligations against us, payment shall be made in <I>reais</I>. Any judgment rendered in
Brazilian courts in respect of any payment obligations would be expressed in <I>reais</I>.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>TAXATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 18pt">&#9;Material income tax consequences
relating to the purchase, ownership and disposition of any of the securities offered by this prospectus will be set forth in the applicable
prospectus supplement relating to the offering of those securities.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 18pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><A NAME="a_012"></A>WHERE YOU CAN FIND MORE INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We are subject to the information
requirements of the U.S. Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), applicable to a foreign private
issuer and, accordingly, file or furnish reports, including annual reports on Form 20-F, reports on Form 6-K, and other information with
the SEC. Our filings with the SEC are available to the public through the SEC&#8217;s website at http://www.sec.gov and at our website
at https://ri.sabesp.com.br. (Reference to this URL is made as an inactive textual reference for informational purposes only. Information
contained at this website is not incorporated by reference in this prospectus or any accompanying prospectus supplement.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">As a foreign private issuer,
these reports and other information (including consolidated financial information) may be prepared in accordance with the disclosure requirements
of Brazil, which differ from those in the United States. We are a &#8220;foreign private issuer&#8221; as defined under Rule&nbsp;405
of the Securities Act. As a result, although we are subject to the informational requirements of the Exchange Act as a foreign private
issuer, we are exempt from certain informational requirements of the Exchange Act which domestic issuers are subject to, including the
proxy rules under Section&nbsp;14 of the Exchange Act, the insider reporting and short-swing profit recovery provisions under Section&nbsp;16
of the Exchange Act and the requirement to file current reports on Form 8-K upon the occurrence of certain material events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">As a foreign private issuer,
we are also exempt from the requirements of Regulation FD (Fair Disclosure) which, generally, are meant to ensure that select groups of
investors are not privy to specific information about an issuer before other investors. We are, however, still subject to the anti-fraud
and anti-manipulation rules of the SEC, such as Rule 10b-5. Since many of the disclosure obligations required of us as a foreign private
issuer are different than those required by other U.S. domestic reporting companies, our shareholders, potential shareholders and the
investing public in general should not expect to receive information about us in the same amount and at the same time as information is
received from, or provided by, other U.S. domestic reporting companies. We are liable for violations of the rules and regulations of the
SEC which do apply to us as a foreign private issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We have filed with the SEC
a registration statement on Form F-3 under the U.S. Securities Act of 1933, as amended, or the Securities Act, including amendments and
relevant exhibits and schedules, covering the underlying securities offered hereby. This prospectus is part of a registration statement
on Form F-3 we filed with the SEC. This prospectus does not contain all of the information in the registration statement. Whenever a reference
is made in this prospectus to a contract or other document of ours, please be aware that the reference is only a summary and that you
should refer to the exhibits that are filed as an exhibit to the registration statement for a copy of the contract or other document.
You may review a copy of the registration statement through the SEC&#8217;s website at http://www.sec.gov and at our website at https://ri.sabesp.com.br.
(Reference to this URL is made as an inactive textual reference for informational purposes only. Information contained at this website
is not incorporated by reference in this prospectus or any accompanying prospectus supplement.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We are also subject to the
informational requirements of the B3 and the CVM. Our public filings with the B3 are electronically available from the B3&#8217;s website
at www.b3.com.br. The information contained on, or accessible through, such website is not incorporated by reference into this prospectus
and should not be considered a part of this prospectus or any prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><A NAME="a_013"></A>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">The SEC allows us to &#8220;incorporate
by reference&#8221; the information we file with it, which means that we can disclose important information to you by referring you to
those documents. The information incorporated by reference is considered to be part of this prospectus, and certain later information
that we file with the SEC will automatically update and supersede earlier information filed with the SEC or included in this prospectus
or a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We are incorporating by reference
into this prospectus the following documents that we have filed with the SEC:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1170858/000129281424001825/sbsform20f_2023.htm">Sabesp&#8217;s 2023 Form 20-F as of and for the year ended December 31, 2023 filed with the SEC on May 3, 2024.</A></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1170858/000129281424002494/sbs20240619_6k2.htm">Sabesp&#8217;s Report on Form 6-K furnished to the SEC on June 20, 2024, relating to our new bylaws (effectiveness conditional on the privatization);</A> </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Sabesp&#8217;s Report on June Form 6-K, including, among others, (i) the
unaudited condensed consolidated interim financial statements as of March 31, 2024 and for the three months ended March 31, 2024 and March
31, 2023 and the related notes thereto of the Company; and (ii) certain additional information regarding our business and results of operations;
and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any future filings of Sabesp on Form 20-F made with the SEC after the date
of this prospectus, and any future reports of Sabesp on Form 6-K (File No. 1-31317) furnished to the SEC after the date of this prospectus
that are identified in those forms as being incorporated by reference into this prospectus.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Unless expressly incorporated
by reference, nothing in this prospectus shall be deemed to incorporate by reference information furnished to, but not filed with, the
SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">We will provide without charge
to any person to whom a copy of this prospectus is delivered, upon the written or oral request of any such person, a copy of any or all
of the documents referred to above which have been or may be incorporated by reference herein, other than exhibits to such documents (unless
such exhibits are specifically incorporated by reference in such documents). Requests should be directed to our Investor Relations Department
located at Rua Costa Carvalho, 300, CEP 05429-900, S&atilde;o Paulo, SP, Brazil, Attn: Investor Relations Department (telephone: + 55
(11) 3388-8679; e-mail: dri@sabesp.com.br).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Any statement contained in
any document incorporated by reference herein shall be deemed to be modified or superseded for purposes of this prospectus to the extent
that a statement contained in this prospectus or any prospectus supplement modifies or supersedes such statement. Any statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><A NAME="a_014"></A>PART II<BR>
<BR>
INFORMATION NOT REQUIRED IN PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Item 8. Indemnification of Directors and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Our bylaws requires us to
defend our senior management in administrative and legal proceedings and maintain insurance coverage to protect senior management from
liability arising from the performance of the senior manager&#8217;s functions. We maintain an insurance policy since February 26, 2024
covering losses and expenses arising from management actions taken by the directors and officers of Sabesp and its subsidiaries in their
capacity as such. For more information, see &#8220;Item 3.B. Business Overview&#8212;Insurance&#8212;&#8221; of our 2023 Form 20-F, incorporated
by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Item 9. Exhibits.</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 7%; border-bottom: black 1pt solid; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit Number</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-bottom: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 92%; border-bottom: black 1pt solid; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Document Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form of International Underwriting and Placement Facilitation Agreement.&#8224;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form of Amended and Restated Deposit Agreement,
    to be effective as of the date of consummation of the Proposed Privatization, by and among Sabesp, The Bank of New York Mellon, as
    Depositary, and the holders from time to time of the ADSs issued thereunder and representing the common shares of Sabesp (including
    the form of American Depositary Receipt), filed as Exhibit 1 to the Post-Effective Amendment No. 1 to the Registration Statement on
    Form F-6, Reg. No. 333-185993. &dagger;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ex5-1.htm">5.1</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ex5-1.htm">Opinion of Lefosse Advogados, Brazilian legal counsel of the Registrant as to matters of Brazilian law relating to the common shares (qualified).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ex23-1.htm">23.1</A></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ex23-1.htm">Consent of Grant Thornton Auditores Independentes Ltda.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ex23-2.htm">23.2</A></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ex23-2.htm">Consent of BDO RCS Auditores Independentes S.S. Ltda.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ex5-1.htm">23.3</A></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ex5-1.htm">Consent of Lefosse Advogados (included in Exhibit 5.1).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ex-107.htm">107</A></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ex-107.htm">Filing Fees.</A> </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8224; </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">To be filed by amendment or incorporated by reference. We will file as an Exhibit to a report on Form 6-K that is incorporated by reference into this registration statement any related form utilized in the future and not previously filed by means of an amendment or incorporated by reference.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Item 10. Undertakings.</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 91%; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">The undersigned registrant hereby undertakes:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">i.</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">To include any prospectus required by Section 10(a)(3) of the Securities Act;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">ii.</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">iii.</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; <I>provided, however</I>, that paragraphs
(a)(1)(i), (a)(1)(ii) and (a)(1)(iii) above do not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the
Exchange Act that are incorporated by reference in the registration statement or is contained in a form of prospectus filed pursuant to
Rule 424(b) that is part of this registration statement.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 40.5pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="width: 91%; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide </I>offering thereof;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act need not be furnished, provided, that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Securities Act or Item 8.A. of Form 20-F if such financial statements and information are contained in periodic reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this registration statement;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">That, for the purpose of determining liability under the Securities Act to any purchaser:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">(A)</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">(B)</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of the registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section (10)(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which the prospectus relates, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide </I>offering thereof; <I>provided, however</I>, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, such registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: (i) any preliminary prospectus or prospectus of the registrant relating to the offering required to be filed pursuant to Rule 424; (ii) any free writing prospectus relating to the offering prepared by or on behalf of the registrant or used or referred to by the registrant; (iii) the portion of any other free writing prospectus relating to the offering containing material information about the registrant or its securities provided by or on behalf of the registrant; and (iv) any other communication that is an offer in the offering made by the registrant to the purchaser.</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 40.5pt">(b)</TD><TD STYLE="text-align: justify">The undersigned registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the registrant&#8217;s annual report pursuant to Section 13(a) or 15(d) of the Exchange Act that is incorporated
by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.</TD></TR></TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 40.5pt; text-align: justify"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 40.5pt">(c)</TD><TD STYLE="text-align: justify">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the undersigned registrant has
been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant
of expenses incurred or paid by a director, officer or controlling person of such registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, such
registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><A NAME="a_015"></A>SIGNATURES OF COMPANHIA DE SANEAMENTO B&Aacute;SICO
DO ESTADO DE S&Atilde;O PAULO &#8211; SABESP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Pursuant to the requirements
of the Securities Act, Companhia de Saneamento B&aacute;sico do Estado de S&atilde;o Paulo &#8211; SABESP certifies that it has reasonable
grounds to believe that it meets all of the requirements for filing on Form F-3 and has duly caused this Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City of S&atilde;o Paulo, Brazil, on June 21, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 6pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">COMPANHIA DE SANEAMENTO B&Aacute;SICO DO ESTADO DE S&Atilde;O PAULO &#8211; SABESP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ ANDRE GUSTAVO SALCEDO TEIXEIRA MENDES</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">ANDRE
GUSTAVO SALCEDO TEIXEIRA MENDES</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">COMPANHIA DE SANEAMENTO B&Aacute;SICO DO ESTADO
    DE S&Atilde;O PAULO &#8211; SABESP</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;/s/ CATIA CRISTINA TEIXEIRA PEREIRA</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">CATIA CRISTINA TEIXEIRA PEREIRA</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Chief Financial Officer and Investor Relations Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 36pt"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated below
on June 21, 2024 in respect of Companhia de Saneamento B&aacute;sico do Estado de S&atilde;o Paulo &#8211; SABESP.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 66%; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-bottom: 1.25pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.6pt; padding-left: 2.6pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2.6pt; padding-left: 2.6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ KARLA BERTOCCO TRINDADE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center"><FONT STYLE="font-size: 10pt">Member of the Board of Directors</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">KARLA BERTOCCO TRINDADE</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">/s/ ANDERSON MARCIO DE OLIVEIRA</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center"><FONT STYLE="font-size: 10pt">Member of the Board of Directors</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">ANDERSON MARCIO DE OLIVEIRA</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">/s/ ANTONIO JULIO CASTIGLIONI NETO</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center"><FONT STYLE="font-size: 10pt">Member of the Board of Directors</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">ANT&Ocirc;NIO J&Uacute;LIO CASTIGLIONI NETO</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">/s/
    EDUARDO PERSON PARDINI</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center"><FONT STYLE="font-size: 10pt">Member of the Board of Directors</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">EDUARDO PERSON PARDINI</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">/s/ KAROLINA FONS&Ecirc;CA LIMA</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center"><FONT STYLE="font-size: 10pt">Member of the Board of Directors</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">KAROLINA FONS&Ecirc;CA LIMA</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">/s/ NERYLSON LIMA DA SILVA</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center"><FONT STYLE="font-size: 10pt">Member of the Board of Directors</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">NERYLSON LIMA DA SILVA</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">/s/ ANA SILVIA CORSO MATTE</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center"><FONT STYLE="font-size: 10pt">Member of the Board of Directors</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">ANA SILVIA CORSO MATTE</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">/s/ EDUARDO FRAN&Ccedil;A DE LA PE&Ntilde;A</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center"><FONT STYLE="font-size: 10pt">Member of the Board of Directors</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">EDUARDO FRAN&Ccedil;A DE LA PE&Ntilde;A</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">/s/ AUR&Eacute;LIO FIORINDO FILHO</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center"><FONT STYLE="font-size: 10pt">Member of the Board of Directors</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">AUR&Eacute;LIO FIORINDO FILHO</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 66%; border-bottom: Black 1pt solid; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">/s/ GUSTAVO ROCHA GATTASS</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 33%; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center"><FONT STYLE="font-size: 10pt">Member of the Board of Directors</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">GUSTAVO ROCHA GATTASS</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 66%; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 33%; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">/s/ ANDRE GUSTAVO SALCEDO TEIXEIRA MENDES</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center"><FONT STYLE="font-size: 10pt">Chief Executive Officer and Member of the Board of Directors</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">ANDRE GUSTAVO SALCEDO TEIXEIRA MENDES]</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.6pt; padding-left: 2.6pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">/s/ CATIA CRISTINA TEIXEIRA PEREIRA</P></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 2.6pt; padding-left: 2.6pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">Chief Financial Officer and Investor Relations
    Officer</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">CATIA CRISTINA TEIXEIRA PEREIRA</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.6pt; padding-left: 2.6pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">/s/ MARCELO MIYAGUI</P></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 2.6pt; padding-left: 2.6pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">Head of Accounting</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt"><FONT STYLE="font-size: 10pt">MARCELO MIYAGUI</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>SIGNATURE OF AUTHORIZED REPRESENTATIVE OF
COMPANHIA DE SANEAMENTO B&Aacute;SICO DO ESTADO DE S&Atilde;O PAULO &#8211; SABESP </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">Pursuant to the Securities
Act of 1933, the undersigned, the duly authorized representative in the United States of Companhia de Saneamento B&aacute;sico do Estado
de S&atilde;o Paulo &#8211; SABESP, has signed this registration statement in the City of Newark, State of Delaware, on 21, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 13%; padding-bottom: 1.25pt">&nbsp;</TD>
    <TD STYLE="width: 59%; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ DONALD J. PUGLISI</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 2.6pt; padding-left: 2.6pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>PUGLISI &amp; ASSOCIATES</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Name: DONALD J. PUGLISI</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Title: Managing Director</P></TD>
    <TD STYLE="padding-right: 2.6pt; padding-bottom: 6pt; padding-left: 2.6pt; text-align: center"><FONT STYLE="font-size: 10pt">Authorized Representative in the United States</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>EXHIBIT 107</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 21%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security<BR>
Type</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security<BR>
Class&nbsp;Title</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee<BR>
Calculation<BR>
Rule</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount<BR>
Registered</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed<BR>
Maximum<BR>
Offering<BR>
Price Per<BR>
Common Share</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maximum<BR>
Aggregate<BR>
Offering<BR>
Price</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>Fee<BR>
    Rate</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount of<BR>
Registration<BR>
Fee</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;Newly Registered Securities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Fees to Be Paid</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Common<BR>
Shares (1)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">457(r)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(2)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 3%">
    <P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">(1)</P>
    <P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><BR>
    (2)</P></TD>
    <TD>
    <P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The common shares may be represented by
    American Depositary Shares, each representing one common share, evidenced by American Depository Receipts, to be issued upon deposit of
    the common shares registered pursuant to this registration statement. Any such American Depositary Shares have been registered pursuant
    to a separate registration statement on Form F-6 (file No. 333-185993) filed on January 11, 2013, as amended from time to time.</P>
    <P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">An indeterminate amount of securities to
    be offered at indeterminate prices is being registered pursuant to this registration statement. The registrant is deferring payment of
    the registration fee pursuant to Rule 456(b) and is omitting this information in reliance on Rule 456(b) and Rule 457(r).</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>


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<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ex5-1.htm
<DESCRIPTION>EX-5.1
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<P STYLE="margin: 0"></P>

<P STYLE="font: 8pt/120% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 7pt; letter-spacing: 1.5pt; text-align: left; background-color: transparent"><IMG SRC="sbs20240621f3_002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 8pt/120% Arial, Helvetica, Sans-Serif; margin: 0 38.6pt 7pt 0; letter-spacing: 1.5pt; text-align: right; background-color: transparent">&nbsp;</P>

<P STYLE="font: 8pt/120% Arial, Helvetica, Sans-Serif; margin: 0 38.6pt 7pt 0; letter-spacing: 1.5pt; text-align: right; background-color: transparent"><FONT STYLE="font-weight: normal; letter-spacing: 0pt; background-color: white">Exhibit
5.1</FONT></P>

<P STYLE="font: 12pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: center"><B>Lefosse Advogados</B></P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: center"><FONT STYLE="font-variant: normal; font-weight: normal; color: #4A4A4A; letter-spacing: 0pt">Rua
Tabapu&atilde;, 1.227, 14&ordm; andar<BR>
</FONT>04533-014, S&atilde;o Paulo, SP<BR>
<FONT STYLE="font-variant: normal; font-weight: normal; color: #4A4A4A; letter-spacing: 0pt">Tel.: +55 (11) 3024-6100<BR>
Fax: +55 (11) 3024-6200</FONT></P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: center">S&atilde;o Paulo, June 21, 2024.</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: left">Companhia de Saneamento B&aacute;sico
do Estado de S&atilde;o Paulo &#8211; SABESP<BR>
Rua Costa Carvalho, n&ordm; 300<BR>
05.429-000, S&atilde;o Paulo, SP, Brazil</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify">Re.: Companhia de Saneamento B&aacute;sico
do Estado de S&atilde;o Paulo &#8211; SABESP<BR>
Public Offering of Common Shares<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-variant: normal; font-weight: normal; letter-spacing: 0pt; line-height: 120%"><U>(including
Common Shares in the form of American Depositary Shares)</U></FONT></P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: center"><FONT STYLE="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify">We are qualified to practice law in
the Federative Republic of Brazil (&quot;<B>Brazil</B>&quot;) and have acted as special Brazilian legal counsel to Companhia de Saneamento
B&aacute;sico do Estado de S&atilde;o Paulo &#8211; SABESP, a corporation <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">(sociedade
por a&ccedil;&otilde;es)</FONT> organized and existing under the laws of Brazil (the &quot;<B>Company</B>&quot;), in connection with the
preparation and filing by the Company, under the U.S. Securities Act of 1933, as amended ('&quot;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-variant: normal; letter-spacing: 0pt; line-height: 120%"><B>Securities
Act</B></FONT>&quot;), of a registration statement on Form F-3ASR ('&quot;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-variant: normal; letter-spacing: 0pt; line-height: 120%"><B>Registration
Statement</B></FONT>&quot;) with the United States Securities and Exchange Commission (&quot;<B>SEC</B>&quot;) with respect to the potential
offering of common shares, with no par value, of the Company (the &quot;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-variant: normal; letter-spacing: 0pt; line-height: 120%"><B>Common
Shares</B></FONT>&quot;), including Common Shares in the form of American Depositary Shares (&quot;<B>ADSs</B>&quot;), each of which represents
one Common Share (the &quot;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-variant: normal; letter-spacing: 0pt; line-height: 120%"><B>Securities</B></FONT>&quot;)
to be offered and sold from time to time on a delayed or continuous basis by the selling shareholder named therein ('&quot;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-variant: normal; letter-spacing: 0pt; line-height: 120%"><B>Selling
Shareholder</B></FONT>&quot;) at offering prices to be determined from time to time.</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify">In rendering the opinions expressed
herein, we have examined:</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-size: 9.5pt; line-height: 120%">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an electronic copy of the Registration Statement filed with the SEC as of the date hereof;</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-size: 9.5pt; line-height: 120%">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a copy of the Company's by-laws <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">(estatuto social),</FONT>
as in effect on the date hereof and which will be effective upon the effectiveness of the offering; and</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-size: 9.5pt; line-height: 120%">(iii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such other documents, certificates and information and such matters of law as we have deemed necessary or appropriate in connection
with the opinions expressed herein.</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify">In rendering the opinions below, we
have made the following assumptions:</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify; text-indent: 0cm">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the signatures on the originals, certified copies or copies of all documents submitted to us are genuine;</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify; text-indent: 0cm">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Registration Statement and any amendments or supplements thereto (including any of the documents incorporated by reference
therein) will be effective and will comply with all applicable laws at the time the Securities are offered as contemplated by the Registration
Statement;</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify; text-indent: 0cm">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Securities will be sold and delivered to, and paid for by, the purchasers at the price specified in, and in accordance with
the terms of, an agreement or agreements duly authorized, executed and delivered by the parties thereto;</P>


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<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify"><IMG SRC="sbs20240621f3_002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify"></P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify; text-indent: 0cm">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Selling Shareholder will authorize the offering of the Securities, and will take any other appropriate corporate action;</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify; text-indent: 0cm">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all factual representations made in documents reviewed by us, other than those dealing with matters of Brazilian law, are accurate
and complete; and</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify; text-indent: 0cm">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>except as specifically otherwise mentioned herein, there is no provision of the law of any jurisdiction other than Brazil that
has any implication in relation to the opinions expressed herein.</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify">We express no opinion as to any laws
other than the laws of Brazil as in effect on the date hereof and we have not made any investigation of the laws of any jurisdiction outside
of Brazil. In particular, we have made no independent investigation of the laws of the State of New York as a basis for the opinions expressed
herein and do not express or imply any opinion on such laws. This opinion is to be governed by and construed in accordance with the laws
of Brazil in effect as of the date hereof. This opinion is issued solely for the purposes of the filing of the Registration Statement
and the offering of the Securities by the Selling Shareholder and is not to be relied upon in respect of any other matter.</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify">Based upon the foregoing, and subject
to the qualifications set forth below, we are of the opinion that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify; padding-right: 4.2pt">The Company is validly existing as a corporation <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">(sociedade
por a&ccedil;&otilde;es)</FONT> under the laws of Brazil, with corporate power and authority to own lease and operate its properties and
conduct its business in Brazil as described in the Registration Statement documents and execute, deliver and perform its obligations under
the Registration Statement documents.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify; padding-right: 4.2pt">Upon the sale of the Securities by the Selling Shareholder, in accordance with a
definitive underwriting, purchase or similar agreement relating to the offer and sale of the Securities, duly authorized, executed and
delivered by all parties thereto, including [the Company and ]the Selling Shareholder, the Securities will continue to be legally issued,
fully paid and non-assessable (meaning that no further sums will be payable to the Company on such Securities).</TD></TR></TABLE>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify">The limitations inherent in the independent
verification of factual matters and the character of determinations involved in the preparation of a disclosure document are such, however,
that we do not assume any responsibility for the accuracy, completeness or fairness of the statements contained in the Registration Statement
or any amendments or supplements thereto (including any of the documents incorporated by reference therein).</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify">This opinion letter is limited to
the matters and transactions expressly stated and speaks only as of the date hereof. We expressly disclaim any responsibility to advise
you of any development or circumstance of any kind including any change of law or fact that may occur after the date of this opinion letter
even though such development, circumstance or change may affect the legal analysis, a legal conclusion or any other matter set forth in
or relating to this opinion letter.</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 0; text-align: justify">We hereby consent to the filing of
this opinion letter as an exhibit to the Registration Statement and to the references to our firm in the prospectus constituting a part
of the Registration Statement, as it may be amended from time to time, under the captions &quot;Validity of Securities&quot; and &quot;Service
of Process and Enforcement of Judgments in Brazil&quot;. In giving this consent, we do not hereby admit that we are within the category
of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the SEC promulgated thereunder.</P>


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<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 248.1pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 4.2pt 7pt 248.1pt; text-align: left">Very truly yours,</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; background-color: white; border-bottom: Black 0.5pt solid">/s/
LEFOSSE ADVOGADOS<BR>
<FONT STYLE="font-variant: normal; font-weight: normal">/s/ Carlos Barbosa Mello</FONT></P>



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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>ex23-1.htm
<DESCRIPTION>EX-23.1
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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;<IMG SRC="sbs20240621f3_003.jpg" ALT=""></P>

<P STYLE="font: 28pt Arial, Helvetica, Sans-Serif; margin: 0 0 0pt; color: #4F2D7F">Consent of Independent Registered Public Accounting Firm</P>

<P STYLE="font: 28pt Arial, Helvetica, Sans-Serif; margin: 0 0 0pt; color: #4F2D7F">&nbsp;</P>

<P STYLE="font: 28pt Arial, Helvetica, Sans-Serif; margin: 0 0 0pt; color: #4F2D7F"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 28pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 33%">&nbsp;</TD>
  <TD STYLE="width: 44%">&nbsp;</TD>
  <TD STYLE="border-top: rgb(79,45,127) 1pt solid; width: 23%"><P STYLE="font: bold 7pt/9pt Arial, Helvetica, Sans-Serif; margin: 0">Grant Thornton Auditores Independentes Ltda.</P>

<P STYLE="font: bold 7pt/9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">Av. Eng. Lu&iacute;s Carlos Berrini, 105 - 12<U><SUP>o</SUP></U></P>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">andar Itaim
Bibi, S&atilde;o Paulo (SP) Brasil</P>

<P STYLE="font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">T +55 11 3886-5100</P>
</TD></TR>
</TABLE>

<P STYLE="font: 28pt Arial, Helvetica, Sans-Serif; margin: 0 0 0pt; color: #4F2D7F">&nbsp;</P>

<P STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin: 16pt 0 6pt">We have issued our report dated April 25, 2023 with respect
to the financial statements of Companhia de Saneamento B&aacute;sico do Estado de S&atilde;o Paulo - Sabesp included in the Annual Report
on Form 20-F for the year ended December 31, 2023, which are incorporated by reference in this Registration Statement. We consent to the
incorporation by reference of the aforementioned report(s) in this Registration Statement, and to the use of our name as it appears under
the caption &ldquo;Experts.&rdquo;.</P>

<P STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">/s/ Grant Thornton Auditores Independentes Ltda.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 16pt">S&atilde;o Paulo, Brazil</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 16pt">June 21st, 2024</P>



<P STYLE="text-align: right; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<HR COLOR="Black" ALIGN="RIGHT" NOSHADE SIZE="1" STYLE="width: 25%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0">&copy; 2024 Grant Thornton Auditores Independentes Ltda.
All rights reserved &boxv; SABESP 1</P>

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<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>ex23-2.htm
<DESCRIPTION>EX-23.2
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<P STYLE="margin: 0"></P>

<P STYLE="color: #98002E; font: 14pt Trebuchet MS, Times, Serif; margin: 0; text-align: justify; background-color: transparent"><B></B></P>

<P STYLE="font: 14pt Trebuchet MS, Times, Serif; margin: 0; text-align: justify; color: #98002E"><B>CONSENT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</B></P>
<P STYLE="font: 14pt Trebuchet MS, Times, Serif; color: #98002E; margin: 0; text-align: justify; background-color: transparent"><B></B></P>

<P STYLE="font: 10.5pt Trebuchet MS, Times, Serif; margin: 12pt 0 0; text-align: justify">Companhia de Saneamento B&aacute;sico
do Estado de S&atilde;o Paulo - SABESP</P>

<P STYLE="font: 10.5pt Trebuchet MS, Times, Serif; margin: 0; text-align: justify">S&atilde;o Paulo &ndash; Brazil</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify">We hereby consent to the incorporation
by reference in this Registration Statement on Form F-3 of our report dated May 3, 2024, relating to the consolidated financial statements
and the effectiveness of internal control over financial reporting of Companhia de Saneamento B&aacute;sico do Estado de S&atilde;o Paulo
&ndash; SABESP (the &ldquo;Company&rdquo;), which appears in the Company&rsquo;s Annual Report on Form 20-F, which is incorporated by
reference in this Registration Statement. Our report on the effectiveness of internal control over financial reporting expresses an adverse
opinion on the effectiveness of the Company&rsquo;s internal control over financial reporting as of December 31, 2023.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify">We also consent to the reference to us under
the caption &ldquo;Experts&rdquo; in such Registration Statement.</P>

<P STYLE="font: 10.5pt Trebuchet MS, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt Trebuchet MS, Times, Serif; margin: 0; text-align: justify"><I>/s/ BDO RCS Auditores Independentes
S.S. Ltda.</I></P>

<P STYLE="font: 10.5pt Trebuchet MS, Times, Serif; margin: 0; text-align: justify; color: fuchsia">&nbsp;</P>

<P STYLE="font: 10.5pt Trebuchet MS, Times, Serif; margin: 0; text-align: justify; color: fuchsia">&nbsp;</P>

<P STYLE="font: 10.5pt Trebuchet MS, Times, Serif; margin: 0; text-align: justify">BDO RCS Auditores Independentes S.S.
Ltda.</P>

<P STYLE="font: 10.5pt Trebuchet MS, Times, Serif; margin: 0; text-align: justify">S&atilde;o Paulo, Brazil</P>

<P STYLE="font: 10.5pt Trebuchet MS, Times, Serif; margin: 0; text-align: justify">June 21, 2024</P>

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>5
<FILENAME>ex-107.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>EXHIBIT 107</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 21%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security<BR>
Type</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security<BR>
Class&nbsp;Title</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee<BR>
Calculation<BR>
Rule</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount<BR>
Registered</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed<BR>
Maximum<BR>
Offering<BR>
Price Per<BR>
Common Share</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maximum<BR>
Aggregate<BR>
Offering<BR>
Price</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>Fee<BR>
    Rate</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount of<BR>
Registration<BR>
Fee</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;Newly Registered Securities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Fees to Be Paid</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Common<BR>
Shares (1)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">457(r)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(2)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 3%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">(1)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><BR>
    (2)</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The common shares may be represented by American
    Depositary Shares, each representing one common share, evidenced by American Depository Receipts, to be issued upon deposit of the common
    shares registered pursuant to this registration statement. Any such American Depositary Shares have been registered pursuant to a separate
    registration statement on Form F-6 (file No. 333-185993) filed on January 11, 2013, as amended from time to time.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">An indeterminate amount of securities to be
    offered at indeterminate prices is being registered pursuant to this registration statement. The registrant is deferring payment of the
    registration fee pursuant to Rule 456(b) and is omitting this information in reliance on Rule 456(b) and Rule 457(r).</P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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