Good morning, ladies and gentlemen. At this time, we would like to welcome everyone to SABESP's Conference Call to discuss its Results for the First Quarter of 2016. The audio for this conference is being broadcast simultaneously through the Internet on the website, www.sabesp.com.br. At that same address, you can also find the slideshow presentation available for download. We would like to inform you that all participants will be only able to listen to the conference during the company's presentation. After the company's remarks are over, there will be a Q&A period. At that time, further instructions will be given. [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. Mário Arruda Sampaio, Head of Capital Market 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. Mário Arruda Sampaio: Okay, thank you and good morning everybody. This is one more first quarter here at 2016 conference call. We have nine slides in front of us and as usual afterwards we will have a question-and-answer…

[Operator Instructions] It appears there are no questions now I will turn the conference back over to SABESP for their final remarks. Pardon me, sir. We do have one question from Henrique Peretti with J.P. Morgan. Please go ahead.

Hi, Arruda, thanks for the opportunity. I would like to understand why billed volumes increased only 1.9% if water production volumes increased 8.8% in the quarter, where is the gap here? Mário Arruda Sampaio: Okay – Henrique, this is Mário. The reason they don’t match is that we have the take-or-pay range of zero to ten cubic meters. So if people consumed that we still tried the same thing. So that is the difference. So people are probably moving within that range, consuming more within that range, but not sufficient to trigger aggressively a change in category. So to the great extent the take-or-pay from zero to ten cubic meters is what causes this effect, okay.

Okay thank you.

As there are no further this concludes our question-and-answer session. I’ll turn the conference back over to SABESP for their final remarks. Mário Arruda Sampaio: Okay guys first let me just make a quick correction on my speech here. The bonus cancellation in the continuous direct cancellations will have immediate effect on revenues as of May 1. Okay different than I said it will be differed, if it’s not differed, it’s immediate, they only differ full effect if the tariff increase. So okay, made that correction thank you very much for your participation. So let’s comeback next quarter. Hopefully good news also. Thank you very much. Bye-bye.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.