Good morning, ladies and gentlemen. At this time, we would like to welcome everyone to SABESP conference call to discuss its results for the third quarter of 2014. The audio for this conference is being broadcast simultaneously through the Internet at the website, www.sabesp.com.br. At that same address, you can also find the slide show presentation available for download. [Operator Instructions] Before proceeding, let me mention that forward-looking statements are being made under the Safe Harbor of the Securities Litigation Reform Act of 1996. Forward-looking statements are based on the beliefs and assumptions of SABESP’s management and on information currently available to the company. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions because they relate to future events and, therefore, depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of SABESP and could cause results to differ materially from those expressed in such forward-looking statements. Today with us, we have Mr. Rui Affonso, Chief Financial Officer and Investor Relations Officer; Mr. Mario Arruda Sampaio, Head of Capital Markets and Investor Relations; and Mr. Marcelo Miyagui, Head of Accounting. Now I’ll turn the conference over to Mr. Arruda Sampaio. Sir, you may begin your conference.

Okay, thank you and good morning, everybody for this one more earnings presentation. We have with us 11 slides, where we would like to discuss the main events in the last quarter. After that, as mentioned already by the speaker we’ll go to the question-and-answer session. Let’s start on Slide 3 where we show the company’s billed water and sewage volume, water and sewage volume reported a 3.5% drop in the period as a result of the water consumption reduction incentives program based on its bonus system and already known to many of you. The decline in billed volume of 4.6% in water and 2% in sewage shows the population is stronger here into the bonus program, which is the best main measure to reduce water demand and consumption in the São Paulo Metropolitan Region especially in the Cantareira system where the permitted withdraw in the three reservoirs that makeup the system and the PCJ water basin is today only 18.5 cubic meters per second when it was 31 cubic meters per second before we initiated this water situation. Let’s move to Slide 4. Here, we will comment briefly on our financial results. Net operating revenue including construction revenue grew 1.8% versus the same period of the previous year, the gross operating revenue related to water and sewage services not including construction revenue dropped 9.5% in the same comparison. The main reason for this decrease were 3.5% drop in total billed volume at R$ 22.7 million drop in estimated revenue to the lower billing in the period and the payment of bonus related to the Water Consumption Reduction Incentive Program what we call the bonus program was a R$ 127.2 million impact. The 3.1% tariff adjustment is applied since December 2013 partially has offset this reduction. Costs in administrative, selling…

[Operator Instructions] And we have a question from Hasan [indiscernible] of Morgan Stanley. Please go ahead.

Hi Mario. I just want – does it fair to think that 5.4% or is it in addition to the inflation that we increased between April 2014 until the end of December, this year.

Okay Hasan.

Thank you.

We are expecting and the estimate will be made by ARSESP is that they bring the 5.44 value to today’s current value – now exactly how it’s going to happen, we don’t know, we expect to bring it to current back.

Yeah I appreciate it, thank you.

[Operator Instructions] And we have a question from Mike Huffman of Rock Point Advisors. Please go ahead.

Hi, thank you for taking the call. The bonus program, is it applied to commercial customers as well as residential?

Yeah. Yes it does, Mike, from what we are speaking, yes it does, it applies to all the customers, the entire customer base.

Okay and so your statistics on the take up of the bonus program apply across the board.

Yeah the statistics are based on units of measurement, we either everything we fail for the statistics that is based on the number that are out there, independent of anything.

Great and I apologize for not knowing all the details here. The next possible tier adjustment would be next April in 2015 for the next review.

This is what has been established by ARSESP, the regulatory agent.

Right, okay. Thank you very much. I’ll drop out.

Okay, no problem.

[Operator Instructions] Now I’ll turn the conference back to SABESP’s management for the final remarks.

Okay, thank you everybody for listening to the presentation and we are totally available to take questions. So if Mike has another question, feel free to call myself, Mario or call our Investor Relations manager, Angela and in fact that is well for everybody. Thanks again and see you next quarter. Bye, bye.