1. 2015 Results Conference Call
March/2016
Economic-Financial Office and Investor Relations Office

2. Notice
This presentation may contain forward-looking statements referring to SABESP’s business outlook. operating and financial results estimates. and growth prospects. These are only projections. and as such. they are exclusively based on SABESP’s management expectation in relation to the future of business and its continuous access to capital to finance the Company’s business plan. These forward-looking statements largely depend on changes in market conditions. governmental rules. industry performance and the Brazilian economy. amongst other factors. in addition to risks exhibited in disclosure documents filed by SABESP. Therefore. they are subject to changes without prior notice. 2

3. Total water and sewage billed volume, including wholesale
Billed Volume (million m3)
Total water and sewage billed volume, including wholesale
(6.8)%
3,643.1
3,394.4
(5.2)%
(2.0)%
880.6
862.8
(8.0)%
(0.2)%
(3,4)% 3

4. Financial Highlights (R$ million)4

5. Costs and Expenses (R$ million)
Cost and expenses in 2014*: R$6,441.1
Cost and expenses in 2015*: R$5,550.1
(13.8)%
3.3%
*Not including construction costs
(11.6)%
6.9%
36.5%
(35.2)%
(11.6)%
3.1%
(98.3) %
6.3%
% Net revenue in 2014
18.9%
1.8%
2.3%
11.7%
5.3%
6.4%
9.0%
1.2%
0.7%
% Net revenue in 2015
18.6%
1.5%
9.9%
7.0%
4.0%
9.2%
0.0% 5

6. Net income – Main variations (R$ million)
*Including equity result 6

7. Capex – 2016 - 2020 (R$ million) 2015 Capex Capex Plan 2016-2020 7
Capex by segment
Water
Sewage
Total
Metropolitan Region
1,805.5
822.9
2,628.4
Regional Systems
377.2
476.2
853.4
2,182.7
1,299.1
3,481.8
Capex Plan
2016
2017
2018
2019
2020
Total
Water
1,170
1,208
1,119
852
935
5,284
Sewage Collection
466
917
1,044
1,040
1,061
4,528
Sewage Treatment
164
429
571
704
771
2,639
1,800
2,554
2,734
2,596
2,766
12,450 7

8. Cantareira System – Rainfall (mm)
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
Historical avg.
130.8
161.2
226.8
265.9
206.5
184.1
89.2
83.2
56.0
49.9
36.9
91.9
Historical low
21.4
52.4
104.5
111.8
40.2
55.8
7.6
8.8
0.0
0.1
0.9
2013/14
123.4
97.0
62.9
87.8
73.0
193.3
85.7
37.3
15.8
40.4
22.6
66.0
2014/15
42.5
135.0
165.5
148.2
322.4
189.9
45.3
74.4
39.7
43.9
30.8
154.5
2015/16
116.5
197.6
259.4
248.4
236.4
154.3
Oct-Feb
Average: mm
Low: mm
2013/14: mm
2014/15: mm
2015/16: 1,058.3 mm
Until 03/23/2016 8

9. 83% of the historical average
Cantareira System – Water inflow (m³/s)
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Historical avg.
30.6
35.0
53.1
70.9
73.9
66.9
48.4
38.4
35.3
28.8
24.5
25.6
Historical low
14.0
21.8
26.9
27.6
28.1
24.7
19.9
16.5
13.9
12.0
11.8
1953
17.5
26.0
31.5
34.5
29.8
34.6
23.8
20.7
17.6
16.3
16.2
2013/14
25.1
22.1
22.5
15.4
10.5
18.9
17.2
10.1
10.0
6.4
8.2
9.0
2014/15
5.2
8.8
16.0
11.5
40.7
42.6
18.1
11.3
5.8
18.3
2015/16
14.8
27.1
52.3
73.8
49.6
82.5
Average historical water inflow (Oct/Feb): 52.7 m³/s
Inflow 1953 (Oct/Feb): m³/s
Inflow 2013/14 (Oct/Feb): m³/s
Inflow 2014/15 (Oct/Feb): m³/s
Inflow 2015/16 (Oct/Feb): m³/s
Inflow Oct/15-Feb/16:
83% of the historical average
Until 03/23/2016 9

10. Alto Tietê System – Rainfall (mm)
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
Historical avg.
117.1
129.4
193.5
246.6
194.3
175.4
97.2
78.3
52.5
49.0
38.4
84.5
Historical low
29.5
32.7
52.0
97.9
29.6
39.7
19.8
12.8
3.1
2.1
1.1
7.0
2013/14
102.1
120.1
95.9
187.7
85.9
158.4
89.8
33.4
11.2
28.8
103.1
2014/15
20.1
108.2
190.6
103.8
304.0
179.1
116.7
73.7
38.2
57.4
18.6
170.2
2015/16
94.5
212.2
243.8
204.6
222.0
160.6
Oct-Feb
Average: mm
Low: mm
2013/14: mm
2014/15: mm
2015/16: mm
Until 03/23/2016 10

11. Alto Tietê System – Rainfall (mm)
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
Historical avg.
117.1
129.4
193.5
246.6
194.3
175.4
97.2
78.3
52.5
49.0
38.4
84.5
Historical low
29.5
32.7
52.0
97.9
29.6
39.7
19.8
12.8
3.1
2.1
1.1
7.0
2013/14
102.1
120.1
95.9
187.7
85.9
158.4
89.8
33.4
11.2
28.8
103.1
2014/15
20.1
108.2
190.6
103.8
304.0
179.1
116.7
73.7
38.2
57.4
18.6
170.2
2015/16
94.5
212.2
243.8
204.6
222.0
160.6
Oct-Feb
Average: mm
Low: mm
2013/14: mm
2014/15: mm
2015/16: mm
Until 03/23/2016 11

12. Total available water in the SPMR reservoirs
WITH technical reserve:
Current volume equals July 18, 2013.
WITHOUT technical reserve:
Current volume equals December 13, 2013
Until 03/23/2016 12

13. Level of the Cantareira System13

14. Level of the Cantareira System
ARSESP
Resolution
Date
Event
Days between events
Level
∆ level (%)
Between events
Cantareira
Aggregate
469
02/03/14
Implementation of the bonus restricted to the Cantareira system (one range)
21.4%
37.5%
480
03/31/14
Extension of the bonus to the SPMR (one range) 56
13.4%
32.4%
-8.0%
-5.1%
514
10/22/14
Extension of the bonus to three ranges
147
3.2%
13.1%
-22.1%
-23.4%
545
01/08/14
Implementation of the contingency tariff 78
6.8%
15.6%
3.6%
2.5%
614
12/24/15
Change in the bonus target
350
27.5%
36.5%
20.7%
20.9%
03/24/16
Request for suspension with ARSESP 91
63.9%
63.2%
36.4%
26.7%
Total
780
42.5%
25.7% 14

15. Bonus and Contingency Tariff
Number of connections
Year
Reduced
Increased
With bonus
Without the bonus
Total
2014
14,786,651
7,039,016
21,825,667
7,113,563
2015
35,342,485
6,455,312
41,797,797
5,043,714
5,300,431
10,344,145
2016
5,587,715
3,029,400
8,617,115
978,159
1,585,208
2,563,367 ∑
55,716,815
16,523,728
72,240,579
13,135,436
6,885,639
20,021,075
% of connections
Ano
Reduced
Increased
With bonus
Without the bonus
Total
2014
51.1%
24.3%
75.4%
24.6%
0.0%
2015
67.8%
12.4%
80.2%
9.7%
10.2%
19.8%
2016
50.0%
27.1%
77.1%
8.7%
14.2%
22.9% ∑
60.4%
17.9%
78.3%
7.5%
21.7% 15

16. Bonus and Contingency Tariff
YEAR
BONUS
CONTINGENCY TARIFF
NET
2014
376,414 -
-376,414
2015
926,057
499,730
-426,326
2016
194,710
149,334
-45,377 ∑
1,497,181
649,064
-848,117 16

17. www.sabesp.com.br IR Contacts
Mario Azevedo de Arruda Sampaio Angela Beatriz Airoldi
Head of Capital Markets and Investor Relations Investor Relations Manager
+55 (11) (11)