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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950103-03-000635.txt : 20030219
<SEC-HEADER>0000950103-03-000635.hdr.sgml : 20030219
<ACCEPTANCE-DATETIME>20030219104716
ACCESSION NUMBER:		0000950103-03-000635
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20030214
FILED AS OF DATE:		20030219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ULTRAPAR HOLDINGS INC
		CENTRAL INDEX KEY:			0001094972
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS DISTRIBUTION [4924]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14950
		FILM NUMBER:		03571868

	BUSINESS ADDRESS:	
		STREET 1:		AV BRIGADERIO LUIZ ANTONIO 1343
		STREET 2:		9 ANDAR SAO PAULO
		CITY:			SP BRAZIL 01350-900
		STATE:			D5
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		CT CORPORATION SYSTEM
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>feb1603-6k.htm
<TEXT>
 <HTML>
<head>
<title>6k</title>
</HEAD>
<BODY bgcolor="#FFFFFF">
<DIV class=Section1>

  <HR size="4" noshade color="#000000" style="margin-top: -2px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">
<P class=MsoNormal style="LINE-HEIGHT: 150%; TEXT-ALIGN: center" align=center><font face="Times New Roman, Times, serif"><B>Form
    6-K</B></font></P>
  <P class=MsoNormal style="LINE-HEIGHT: 150%; TEXT-ALIGN: center" align=center><font face="Times New Roman, Times, serif"><B>SECURITIES
    AND EXCHANGE COMMISSION</B></font></P>
  <P class=MsoNormal style="LINE-HEIGHT: 150%; TEXT-ALIGN: center"
align=center><font face="Times New Roman, Times, serif"><B>Washington, D.C.&nbsp;
    20549</B></font></P>
  <P class=MsoNormal style="LINE-HEIGHT: 150%; TEXT-ALIGN: center" align=center><font face="Times New Roman, Times, serif"><B>Report
    Of Foreign Private Issuer</B></font></P>
  <P class=MsoNormal style="LINE-HEIGHT: 150%; TEXT-ALIGN: center" align=center><font face="Times New Roman, Times, serif"><B>Pursuant
    To Rule 13a-16 Or 15d-16 Of</B></font></P>
  <P class=MsoNormal style="LINE-HEIGHT: 150%; TEXT-ALIGN: center" align=center><font face="Times New Roman, Times, serif"><B>The
    Securities Exchange Act Of 1934</B></font></P>
  <P class=DPWfd style="TEXT-ALIGN: center" align=center><font face="Times New Roman, Times, serif">For
    the month of February, 2003</font></P>
  <PRE style="TEXT-ALIGN: center"><font face="Times New Roman, Times, serif">Commission File Number: 001-14950</font></PRE>
  <P align=center><font face="Times New Roman, Times, serif"><B>ULTRAPAR
    HOLDINGS INC.</B></font><br>
   <font face="Times New Roman, Times, serif">(Translation of Registrant&#146;s
      Name into English)</font></P>

  <P align=center><font face="Times New Roman, Times, serif"><B>Avenida Brigadeiro
    Luiz Antonio, 1343, 9&ordm;</B> <B>Andar</B></font><br>
  <B>S&atilde;o Paulo, SP, </B><B>Brazil</B><B>&nbsp;
    01317-910</B></font><br>
<font face="Times New Roman, Times, serif">(Address of Principal
      Executive Offices)</font></P>

  <P><font face="Times New Roman, Times, serif">Indicate
    by check mark whether the registrant files or will file annual reports under
    cover of Form 20-F or Form 40-F:</font></P>
  <DIV align=center>
    <TABLE class=MsoNormalTable cellSpacing=0 cellPadding=0 border=0>

        <TR>
          <TD vAlign=top width=120 align=center><font face="Times New Roman, Times, serif">Form
              20-F</font></TD>
          <TD
    vAlign=top width=60 align=center><font face="Times New Roman, Times, serif"><U>&nbsp;&nbsp;X&nbsp;&nbsp;</U></font>
            </TD>
          <TD
    vAlign=top width=66>&nbsp; </TD>
          <TD
    vAlign=top width=120 align=center><font face="Times New Roman, Times, serif">Form
              40-F</font></TD>
          <TD
    vAlign=top  ALIGN=CENTERwidth=60><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
        </TR>

    </TABLE>
  </DIV>
  <P class=DPWfd style="TEXT-ALIGN: justify"><font face="Times New Roman, Times, serif">Indicate
    by check mark if the registrant is submitting the Form 6-K in paper as permitted
    by Regulation S-T Rule 101(b)(1): </font></P>
  <DIV align=center>

  <TABLE border=0 align="center" cellPadding=0 cellSpacing=0 class=MsoNormalTable>
    <TR>
          <TD vAlign=top width=120 ALIGN="CENTER"> <font face="Times New Roman, Times, serif">Yes</font></P></TD>
          <TD vAlign=top width=60 ALIGN="CENTER"><U>&nbsp;&nbsp;&nbsp;&nbsp;</U> </TD>
          <TD vAlign=top width=120 ALIGN=CENTER> <font face="Times New Roman, Times, serif">No</font></P></TD>
          <TD vAlign=top width=60 align=center><font face="Times New Roman, Times, serif"><U>&nbsp;&nbsp;X&nbsp;&nbsp;</U></font></P>
            </TD>
        </TR>

    </TABLE>

  </DIV>
    <TABLE class=MsoNormalTable cellSpacing=0 cellPadding=0 border=0 width=100%>
<tr><td>
  <P class=DPWfd style="TEXT-ALIGN: justify"><font face="Times New Roman, Times, serif">Indicate
    by check mark if the registrant is submitting the Form 6-K in paper as permitted
    by Regulation S-T Rule 101(b)(7): </font></P></td></tr></table>
<BR><BR>
  <DIV align=center>

<TABLE border=0 align="center" cellPadding=0 cellSpacing=0 class=MsoNormalTable>
  <TR>
                     <TD
               vAlign=top width=120 ALIGN="CENTER"> <font face="Times New Roman, Times, serif">Yes</font></P></TD>
                     <TD
               vAlign=top width=60 ALIGN="CENTER"><U>&nbsp;&nbsp;&nbsp;&nbsp;</U> </TD>
                     <TD
               vAlign=top width=120 ALIGN=CENTER> <font face="Times New Roman, Times, serif">No</font></P></TD>

    <TD
               vAlign=top width=60 align=center><font face="Times New Roman, Times, serif"><U>&nbsp;&nbsp;X&nbsp;&nbsp;</U></font></P>
  </TD>
        </TR>

    </TABLE>

  </DIV>
    <TABLE class=MsoNormalTable cellSpacing=0 cellPadding=0 border=0 width=100%><tr><td>
<font face="Times New Roman, Times, serif">Indicate
    by check mark whether by furnishing the information contained in this Form,
    the Registrant is also thereby furnishing the information to the Commission
    pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:</font></td></tr></table>
  <DIV align=center><BR><BR>

<TABLE border=0 align="center" cellPadding=0
cellSpacing=0 class=MsoNormalTable>
  <TR>
                     <TD
               vAlign=top width=120 ALIGN="CENTER"> <font face="Times New Roman, Times, serif">Yes</font></P></TD>
                     <TD
               vAlign=top width=60 ALIGN="CENTER"><U>&nbsp;&nbsp;&nbsp;&nbsp;</U> </TD>
                     <TD
               vAlign=top width=120 ALIGN=CENTER> <font face="Times New Roman, Times, serif">No</font></P></TD>
                     <TD
               vAlign=top width=60 align=center><font face="Times New Roman, Times, serif"><U>&nbsp;&nbsp;X&nbsp;&nbsp;</U></font></P>
                       </TD>
        </TR>

    </TABLE>
  </DIV>

    <P class=MsoNormal
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 150%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none;  "><font face="Times New Roman, Times, serif">If
      &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant
      in connection with Rule 12g3-2(b): <U>&nbsp;N/A</U></font></P>
  </DIV>
</DIV>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">


<DIV class=Section2>
  <P align=center><font face="Times New Roman, Times, serif"><B>ULTRAPAR
    HOLDINGS INC.</B></font></P>
  <P align=center><font face="Times New Roman, Times, serif"><B>TABLE
    OF CONTENTS</B></font></P>
  <TABLE class=MsoNormalTable
cellSpacing=0 cellPadding=0 border=0>

      <TR>
        <TD colspan="2"
    vAlign=top> <P class=MsoNormal><font face="Times New Roman, Times, serif"><B>ITEM</B></font></P></TD>
      </TR>
      <TR align="left" valign="top">
        <TD width=61> <P class=MsoNormal
      style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in;  "><font face="Times New Roman, Times, serif"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;
            </B></font></P></TD>
        <TD width=902><font face="Times New Roman, Times, serif"><B>Press Release
          dated February 13, 2003</B></font></TD>
      </TR>
      <TR>
        <TD colspan="2"
    vAlign=top>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=top> <P class=MsoNormal
      style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in;  "><font face="Times New Roman, Times, serif"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;
            </B></font></P></TD>
        <TD
    vAlign=top><font face="Times New Roman, Times, serif"><B>Report of Independent
          Accountants on Audited Financial Information For the Year Ended December
          31, 2002</B></font></TD>
      </TR>
      <TR>
        <TD colspan="2"
    vAlign=top>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=top> <P class=MsoNormal
      style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in;  "><font face="Times New Roman, Times, serif"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;
            </B></font></P></TD>
        <TD
    vAlign=top><font face="Times New Roman, Times, serif"><B>Notice of Dividend
          Payment</B></font></TD>
      </TR>
      <TR>
        <TD colspan="2"
    vAlign=top>&nbsp; </TD>
      </TR>

  </TABLE>
  <P class=MsoBodyText style="TEXT-ALIGN: center" align=center>&nbsp;</P>
</DIV>
<font face="Times New Roman, Times, serif"><BR
style="PAGE-BREAK-BEFORE: always; "
clear=all>
</font>
<DIV class=Section3>
  <P align=center><font face="Times New Roman, Times, serif"><B>SIGNATURES</B></font></P>
  <P class=MsoNormal><font face="Times New Roman, Times, serif">Pursuant to the
    requirements of the Securities Exchange Act of 1934, the registrant has duly
    caused this report to be signed on its behalf by the undersigned, thereunto
    duly authorized.</font></P>
  <P class=MsoNormal><font face="Times New Roman, Times, serif"><B>ULTRAPAR HOLDINGS
    INC.</B></font></P>
  <P class=MsoNormal><font face="Times New Roman, Times, serif">By&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Fabio Schvartsman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:&nbsp;
    Fabio Schvartsman<BR>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title&nbsp;&nbsp;
    Chief Financial Officer</font></P>
  <P class=MsoNormal><font face="Times New Roman, Times, serif">Date&nbsp;&nbsp;
    February 14, 2003</font></P>
</DIV>
<BR><BR><BR><BR><hr>
<p>&nbsp;</p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="14%"><img src="uplogo_01.jpg" width="134" height="114"></td>
    <td width="86%" align="center" valign="middle"><strong><font size="2" face="Arial, Helvetica, sans-serif">4<sup>th</sup>
      Quarter 2002</font></strong>
      <hr size="1" noshade></td>
  </tr>
</table>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD> <DIV v:shape = "_x0000_s1044">
        <P align="center"><font face="Arial, Helvetica, sans-serif"><B><I><font color="navy" size="4">
          ULTRAPAR PARTICIPA&Ccedil;&Ouml;ES&nbsp; S.A.</font><font color="navy"><br>
          <font size="2">(BOVESPA:UGPA4/NYSE: UGP) </font></font></I></B></font></P>
      </DIV></TD>
  </TR>
</TABLE>
<font face="Arial, Helvetica, sans-serif">&nbsp;</font>
<P align=center><font size="2" face="Arial, Helvetica, sans-serif"><B>INFORMATION AND RESULTS
  FOR THE FOURTH QUARTER 2002</B></font><br>
<font size="2" face="Arial, Helvetica, sans-serif">(S&atilde;o Paulo
  Brazil, February 13, 2003)</font></P>
<P><font face="Arial, Helvetica, sans-serif"><B>&nbsp;</B></font></P>
<P
align=center><font face="Arial, Helvetica, sans-serif"><B><font color="navy" size="2">&nbsp;53%
  NET REVENUE GROWTH IN 4Q02 COMPARED TO 4Q01</font></B><font color="#0000CC" size="2"><br>
  <B><font color="navy">55% INCREASE IN EBITDA IN 4Q02 COMPARED TO 4Q01</font></B><font color="navy"><br>
  <B>68% HIGHER ACCUMULATED 2002 NET INCOME COMPARED TO THE SAME PERIOD IN 2001</B></font></font></font><br>
  <font face="Arial, Helvetica, sans-serif"><B>&nbsp;</B></font><font face="Arial, Helvetica, sans-serif"><B>&nbsp;</B></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0" align="center">
  <tr>
    <td align="center"><img src="p1table.jpg" width="764" height="284"></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif">
<P align=center>&nbsp;</P>
<P
align=center><I><font size="2">&#147;Our work philosophy is based on the consistency
  and persistence of our actions and on the unceasing quest to constantly upgrade
  our quality. We are announcing significantly improved results in spite of the
  volatile macroeconomic environment and unfavorable conditions that prevailed
  in </font></I><font size="2"><I>Brazil last year. This achievement convinces
  us that our business vision based upon the focus on the customer, our low cost
  creed and increasing employee skills reservoir is the most appropriate and efficient
  &#8220;</I></font></P>
<P
align=right><font size="2">Paulo G. A. Cunha &#150; <I>CEO</I></font></P>
</font>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="left" valign="top"><font face="Arial, Helvetica, sans-serif"><B><font color="navy" size="2">Ultrapar
      Participa&ccedil;&ouml;es </font></B><font color="navy" size="2"><B>S.A.<br>
      </B>UGPA4 = R$ 24.90 / 1,000 shares<br>
      UGP = US$ 6.70 / ADR<br>
      (December 30, 2002)</font></font></td>
    <td align="center" valign="top"><img src="p1logos.jpg" width="217" height="116"></td>
  </tr>
</table>
<hr>



<font face="Arial, Helvetica, sans-serif"><BR
clear=all>
</font>
<P>&nbsp;</P>
<P>
 <TABLE cellSpacing=0 cellPadding=0 width="100%">
        <TR>
          <TD align="center">
           <font color="navy" face="Arial, Helvetica, sans-serif"><B>4<SUP>th</SUP> Quarter
                2002 - Overview</B></font>
            </DIV></TD>
        </TR>
      </TABLE>

<font face="Arial, Helvetica, sans-serif">&nbsp;</font></td> </tr> </table> <font face="Arial, Helvetica, sans-serif">&nbsp;</P>
</font> <font face="Arial, Helvetica, sans-serif"><BR clear=all>
<font size="2">On December 4, 2002, Ultrapar concluded its Corporate
Restructuring. The results for the July to December 2002 period now contemplates
the performance of the incorporated companies, Oxiteno S.A. Ind. e Com. and Ultragaz
Participa&ccedil;&ouml;es, which have become wholly owned subsidiaries of Ultrapar. </font></font>
<P><font size="2" face="Arial, Helvetica, sans-serif">We are continuing to announce
  the operating results for each business, reflecting our commitment to the best
  practices of corporate governance and transparency. </font></P>
<P><font size="2" face="Arial, Helvetica, sans-serif">Ultrapar, a company with
  its business focus on the sectors of LPG distribution (Ultragaz), chemicals
  and petrochemicals (Oxiteno) and also transportation and storage of LPG and
  chemical products (Ultracargo), reported the following results in the fourth
  quarter and full year 2002:</font></P>
<TABLE
cellSpacing=0 cellPadding=0 border=1 width=100%>
  <TR>
    <TD width=248
    vAlign=top bgcolor="navy"> <P><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B>Financial
        and Economic Data<br>
        <br>
        Ultrapar consolidated</B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="navy"> <P
      align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B>4Q02</B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="navy"> <P
      align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B>4Q01</B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="navy"> <P align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B><I><img src="triangle.gif" width="23" height="15">
        (%)</I></B></font></P>
      <P align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B><I>4Q02x4Q01</I></B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="navy"> <P
      align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B>2002</B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="navy"> <P
      align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B>2001</B></font></P></TD>
    <TD width=95
    vAlign=top bgcolor="navy"> <P align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B><I><img src="triangle.gif" width="23" height="15">
        (%)</I></B></font></P>
      <P align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B><I>2002x2001</I></B></font></P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=95> <P>&nbsp;</P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P><font size="2" face="Arial, Helvetica, sans-serif"><B>Net
        Sales Revenue</B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">908</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">592</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">53%</font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">2,995</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">2,285</font></P></TD>
    <TD
    vAlign=top width=95> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">31%</font></P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P><font size="2" face="Arial, Helvetica, sans-serif"><B>Gross
        Sales</B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">229</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">157</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">46%</font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">747</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">586</font></P></TD>
    <TD
    vAlign=top width=95> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">27%</font></P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P><font size="2" face="Arial, Helvetica, sans-serif"><B>Operating
        Profit</B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">108</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">63</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">73%</font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">366</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">279</font></P></TD>
    <TD
    vAlign=top width=95> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">31%</font></P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P><font size="2" face="Arial, Helvetica, sans-serif"><B>EBITDA</B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">140</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">90</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">55%</font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">487</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">373</font></P></TD>
    <TD
    vAlign=top width=95> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">31%</font></P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P><font size="2" face="Arial, Helvetica, sans-serif"><B>Net
        Income</B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">108</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">25</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">333%</font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">222</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">132</font></P></TD>
    <TD
    vAlign=top width=95> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">68%</font></P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P><font size="2" face="Arial, Helvetica, sans-serif"><B>Earnings
        per 1,000 shares</B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">1.55</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">0.47</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">230%</font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">3.62*</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">2.49</font></P></TD>
    <TD
    vAlign=top width=95> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">45%</font></P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=95> <P>&nbsp;</P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P><font size="1" face="Arial, Helvetica, sans-serif"><I>In millions
        of Reais (except EPS)</I></font></P></TD>
    <TD
    vAlign=top width=83> <P><font face="Arial, Helvetica, sans-serif"><I>&nbsp;</I></font></P></TD>
    <TD
    vAlign=top width=83> <P><font face="Arial, Helvetica, sans-serif"><I>&nbsp;</I></font></P></TD>
    <TD
    vAlign=top width=83> <P><font face="Arial, Helvetica, sans-serif"><I>&nbsp;</I></font></P></TD>
    <TD
    vAlign=top width=83> <P><font face="Arial, Helvetica, sans-serif"><I>&nbsp;</I></font></P></TD>
    <TD
    vAlign=top width=83> <P><font face="Arial, Helvetica, sans-serif"><I>&nbsp;</I></font></P></TD>
    <TD
    vAlign=top width=95> <P><font face="Arial, Helvetica, sans-serif"><I>&nbsp;</I></font></P></TD>
  </TR>
</TABLE>
<font size="1" face="Arial, Helvetica, sans-serif">* Based on the weighted average of
  the number of shares through the year</font>
<P>&nbsp;</P>
<TABLE width="100%" border=1 cellPadding=0 cellSpacing=0>
  <TR>
    <TD width=248 vAlign=top bordercolor="#000000" bgcolor="navy">
        <P><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B>Operating
        Performance&nbsp; </B></font></P>
      <P><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B>Ultragaz</B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="navy"> <P
      align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B>4Q02</B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="navy"> <P
      align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B>4Q01</B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="navy"> <P align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B><I><img src="triangle.gif" width="23" height="15">(%)</I></B></font></P>
      <P align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B><I>4Q02x4Q01</I></B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="navy"> <P
      align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B>2002</B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="navy"> <P
      align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B>2001</B></font></P></TD>
    <TD width=95
    vAlign=top bgcolor="navy"> <P align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B><I><img src="triangle.gif" width="23" height="15">
        (%)</I></B></font></P>
      <P align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B><I>2002x2001</I></B></font></P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=95> <P>&nbsp;</P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P><font size="2" face="Arial, Helvetica, sans-serif"><B>Sales
        Volume (thousand tons)</B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font color="#000000" size="2" face="Arial, Helvetica, sans-serif"><B>327.2</B></font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif"><B>336.1</B></font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif"><B>(3%)</B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC"> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif"><B>1,302.7</B></font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif"><B>1,344.9</B></font></P></TD>
    <TD
    vAlign=top width=95> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif"><B>(3%)</B></font></P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P><font size="2" face="Arial, Helvetica, sans-serif">Residential</font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font color="#000000" size="2" face="Arial, Helvetica, sans-serif">208.9</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">211.9</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">(1%)</font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC"> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">798.3</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">825.8</font></P></TD>
    <TD
    vAlign=top width=95> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">(3%)</font></P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P><font size="2" face="Arial, Helvetica, sans-serif">Non-Residential</font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font color="#000000" size="2" face="Arial, Helvetica, sans-serif">118.3</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">124.2</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">(5%)</font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC"> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">504.3</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">519.1</font></P></TD>
    <TD
    vAlign=top width=95> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">(3%)</font></P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P
      align=center><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font size="2"><font face="Arial, Helvetica, sans-serif"><font color="#CCCCCC"><font color="#000000"></font></font></font></font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC"> <P
      align=center><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></P></TD>
    <TD
    vAlign=top width=95> <P
      align=center><font size="2"><font face="Arial, Helvetica, sans-serif"></font></font></P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P><font size="2" face="Arial, Helvetica, sans-serif"><B>Market
        Share*</B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font color="#000000" size="2" face="Arial, Helvetica, sans-serif"><B>19.7%</B></font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif"><B>19.4%</B></font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif"><B>&nbsp;</B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC"> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif"><B>19.6%</B></font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif"><B>19.3%</B></font></P></TD>
    <TD
    vAlign=top width=95> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif"><B>&nbsp;</B></font></P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=95> <P>&nbsp;</P></TD>
  </TR>
</TABLE>
<p><font face="Arial, Helvetica, sans-serif"><I>&nbsp; <font size="2">&nbsp;*
  Source: Sindig&aacute;s</font></I></font></p>
<p>&nbsp; </p>
<TABLE width="100%" border=1 cellPadding=0 cellSpacing=0>
  <TR bgcolor="navy">
    <TD width=248
    vAlign=top> <P><font size="2" face="Arial, Helvetica, sans-serif"><B><font color="white">Operating
        Performance </font></B></font></P>
      <P><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B>Oxiteno</B></font></P></TD>
    <TD width=83
    vAlign=top> <P
      align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B>4Q02</B></font></P></TD>
    <TD width=83
    vAlign=top> <P
      align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B>4Q01</B></font></P></TD>
    <TD width=83
    vAlign=top> <P align=center><font size="2" face="Arial, Helvetica, sans-serif"><B><I><font color="white"><img src="triangle.gif" width="23" height="15">
        (%)</font></I></B></font></P>
      <P align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B><I>4Q02x4Q01</I></B></font></P></TD>
    <TD width=83
    vAlign=top> <P
      align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B>2002</B></font></P></TD>
    <TD width=83
    vAlign=top> <P
      align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B>2001</B></font></P></TD>
    <TD width=95
    vAlign=top> <P align=center><font size="2" face="Arial, Helvetica, sans-serif"><B><I><img src="triangle.gif" width="23" height="15"><font color="white">
        (%)</font></I></B></font></P>
      <P align=center><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B><I>2002x2001</I></B></font></P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=95> <P>&nbsp;</P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P><font size="2" face="Arial, Helvetica, sans-serif"><B>Sales
        Volume (thousand tons)</B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif"><B>118.8</B></font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif"><B>102.6</B></font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif"><B>16%</B></font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif"><B>433.5</B></font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif"><B>445.6</B></font></P></TD>
    <TD
    vAlign=top width=95> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif"><B>(3%)</B></font></P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P><font size="2" face="Arial, Helvetica, sans-serif">Domestic</font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">66.1</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">55.2</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">20%</font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">263.7</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">256.7</font></P></TD>
    <TD
    vAlign=top width=95> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">3%</font></P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P><font size="2" face="Arial, Helvetica, sans-serif">Exports</font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">52.7</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">47.4</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">11%</font></P></TD>
    <TD width=83
    vAlign=top bgcolor="#CCCCCC">
      <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">169.7</font></P></TD>
    <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">188.9</font></P></TD>
    <TD
    vAlign=top width=95> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif">(10%)</font></P></TD>
  </TR>
  <TR>
    <TD
    vAlign=top width=248> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
    <TD
    vAlign=top width=95> <P>&nbsp;</P></TD>
  </TR>
</TABLE>
<font face="Arial, Helvetica, sans-serif"><B><BR
clear=all>
</B>
<P align="center">&nbsp;<font size="2">2</font></P>
</font>
<hr>
<font face="Arial, Helvetica, sans-serif">
<P>&nbsp;</P>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td bgcolor="navy"><font color="white" face="Arial, Helvetica, sans-serif"><B>Highlights
      in the Period:&nbsp;</B></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif">
<P><font face="Arial, Helvetica, sans-serif"><B><U><font color="navy" size="2">Distribution
  of income &#150; </font></U></B><font size="2">On February 12, 2003, Ultrapar&#146;s
  Board of Directors authorized the payment of an interim dividend of R$ 45 million
  for the fiscal year 2002. Common shareholders are to receive a dividend of R$
  0.629268 per thousand shares and preferred shareholders a dividend of R$ 0.692195
  per thousand shares. Payment will be effected on March 06, 2003.</font></font></P>
</font>
<P><font size="2" face="Arial, Helvetica, sans-serif"><B><U><font color="navy">Corporate
  Restructuring &#150;</font></U></B> In October, we announced an important corporate
  restructuring which was successfully concluded in December and will allow a
  complete align of interests of all the shareholders, a liquidity increase and
  an optimization of the financial management. This operation was given substantial
  coverage in the specialized financial press being cited as the most outstanding
  corporate event in 2002. </font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td bgcolor="navy"><font face="Arial, Helvetica, sans-serif">
<P><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B>Ultrapar and the Brazilian Macroeconomic
  Environment</B></font></P></font></td>
  </tr>
</table>
<P><font size="2" face="Arial, Helvetica, sans-serif">In Brazil, the 4Q02 brought
  good economic news in spite of the high inflation rate. After more than a year
  of external shocks, political uncertainty and concern surrounding the external
  and internal debt, the perception of political risk began to dissipate. The
  markets began to indicate a greater confidence in the transition from one government
  to another, in this way stimulating an appreciation in the Real and a reduction
  in sovereign risk. However, fears of military conflict in the Middle East and
  political instability in Venezuela have pushed up oil and oil product prices.
  The international LPG Mont Belvieu benchmarkprice increased 49% when compared
  with 4Q01 and the average naphtha NWE benchmark price rose by 48% in comparison
  with 4Q01. </font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td bgcolor="navy"><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B>Operating
      Performance</B></font></td>
  </tr>
</table>
<P><font size="2" face="Arial, Helvetica, sans-serif"><B><U><font color="navy">Ultragaz:</font></U></B><font color="navy">&nbsp;</font>Brazilian
  LPG consumption reported a year-on-year decline of 6% in 4Q02. This decline
  is partly the consequence of the high sales volume in 4Q01, the result of the
  anticipation of purchases in December 2001 prior to the announcement of LPG
  price increases in early 2002. Petrobras also increased prices during the year,
  in the case of the residential segment by 59% and 94% for the non-residential
  segment and this also impacted LPG demand. </font></P>
<P><font size="2" face="Arial, Helvetica, sans-serif">Ultragaz achieved a better performance
  than the market, posting a decline of 3% in sales volume for the quarter and
  expanding its market share from 19.4% to 19.7% in the period. Fourth quarter
  sales 2002 registered 327.2 thousand tons compared with 336.1 thousand tons
  in 4Q01. In 2002, Ultragaz reported a 3% fall in sales volume as against 5%
  for the market as a whole. With a 19.6% market share in 2002, Ultragaz was the
  second largest LPG distributor in Brazil.</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="center"><img src="page3chart.jpg" width="456" height="295"></td>
  </tr>
</table>
<P align="center"><font size="2" face="Arial, Helvetica, sans-serif">3</font></P>
<hr>
<P>&nbsp;</P>
<tr>
  <td width=71 height=36><font face="Arial, Helvetica, sans-serif">
    <P><font size="2">The residential segment, which is supplied in the form of
      13 kg gas cylinders, posted a year-on-year reduction of 1% in its sales
      volume for the fourth quarter. In the non-residential segment, where sales
      are largely to the commercial and industrial sectors, 4Q02 volumes were
      down by 5% compared to 4Q01. This drop in sales was mainly a consequence
      of clients located near the Brazil-Bolivia Pipeline who converted their
      energy sources to the Natural Gas, as previously anticipated by Ultrapar.
      Accumulated annual volumes sold to both the residential and non-residential
      segments for 2002 as a whole were down year-on-year by 3%.</font></P>
    <P><B><U><font color="navy" size="2">Oxiteno:</font></U></B><font size="2">
      Oxiteno produces ethylene oxide and its principal derivatives and is also
      a leading manufacturer of specialty chemicals. Oxiteno&#146;s products
      are used in various industrial sectors such as those of PET packaging, paints,
      cosmetics and detergents. </font></P>
    </font> <P><font size="2" face="Arial, Helvetica, sans-serif">During the 4Q02,
      the currency which had depreciated an average of 44% year-on-year, benefited
      the competitiveness of Oxiteno&#146;s products both in the overseas and
      domestic markets. As a result, the volume of chemical products sold in 4Q02
      grew 16% compared with 4Q01 reflecting increased sales to both domestic
      and overseas markets of 20% and 11%, respectively. Due to positive performances
      in the polyester, hydraulic fluids, tannery, paper and resins segments,
      domestic sales volume in 4Q02 was 66.1 thousand tons. Sales to the external
      market reached 52.7 thousand tons during the period, driven by exports of
      glycols to the Far East, the United States, Canada and Mexico and the recovery
      in sales to the Argentine market.</font><font face="Arial, Helvetica, sans-serif"><B>
      </B></font></P>
    <table width="100%" border="0" cellspacing="0" cellpadding="0">
      <tr>
        <td align="center" valign="top"><img src="page4chart.jpg" width="453" height="335"></td>
      </tr>
    </table>
    <P align=center>&nbsp;</P>
    <font face="Arial, Helvetica, sans-serif">
    <P><font size="2">Oxiteno reported a 3% decline in sales volume for 2002 as
      a whole, largely due to the ethylene supply restrictions from Braskem, in
      the first semester 2002. Sales to the domestic market rose by 3% while exports
      fell by 10% in view of the priority given to the domestic market. </font></P>
    </font> <P><font size="2" face="Arial, Helvetica, sans-serif"><B><U><font color="navy">Ultracargo:</font></U></B>&nbsp;Through
      its subsidiaries Transultra and Tequimar, Ultracargo is one of the leaders
      in inter-modal transportation services for the chemical, petrochemicals
      and LPG sectors in Brazil. Among the solutions, Transultra offers integrated
      multi-modal transportation, loading and unloading operations at its customers&#146;
      installations and management of third party trucking fleets. Tequimar maintains
      and operates storage installations at port terminals and rail junctions
      for the movement of chemical and petrochemical products. Tequimar operates
      terminals in Aratu, Cama&ccedil;ari, Macei&oacute;, Paul&iacute;nia, Santosand Suape.
      The company&#146;s considerable storage capacity and the strategic location
      of its assets, facilitates product movement along its multi-modal logistics
      system. Besides storage services, Tequimar offers ship loading and unloading
      services, the operation of pipelines, logistics programming and installation
      engineering.</font></P>
    <P align=center><font face="Arial, Helvetica, sans-serif"><font size="2">4&nbsp;</font></font><font size="2" face="Arial, Helvetica, sans-serif"></font></P>
    <hr> <P><font size="2" face="Arial, Helvetica, sans-serif">In 4Q02, kilometers
      driven by Transultra increased 65% to 12,712 kilometers compared with 7,683
      kilometers in 4Q01. Transultra has become an outstanding player in the transportation
      market, increasing its portfolio of important clients thanks to its competitive
      advantages of solidity, respect for legislation and compliance with safety
      and environment regulations. In 4Q02, Tequimar&#146;s utilized storage
      capacity was 91.1% in relation to 91.9% reported in 4Q01. Transultra&#146;s
      accumulated 2002 total of kilometers driven grew 38% as compared with the
      same period in 2001 and Tequimar posted a utilized capacity of 91.6% in
      relation to 93.2% posted for 2001. </font></P>
    <table width="100%" border="0" cellpadding="0" cellspacing="0" bgcolor="navy">
      <tr>
        <td><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B>Economic
          &#150; Financial Performance&nbsp; </B></font><font color="navy">&nbsp;</font></td>
      </tr>
    </table>
    <P><font size="2" face="Arial, Helvetica, sans-serif"><B><U><font color="navy">Net
      Sales Revenue</font></U> <font color="navy">&#150;</font></B> Ultrapar&#146;s
      consolidated net sales revenue of R$ 907.5 million in 4Q02 was 53% higher
      than for the same period in the preceding year. In 2002, Ultrapar&#146;s
      sales revenue was 31% higher than the figure reported for the same period
      in 2001, posting R$ 2,994.5 million.</font></P>
    <P align="center"><font face="Arial, Helvetica, sans-serif"><B> &nbsp;<img src="page5chart.jpg" width="521" height="297"></B></P>
    <P align=left><font size="2" face="Arial, Helvetica, sans-serif"><B><font color="navy">Ultragaz
      &#150;</font></B>Net sales revenue in 4Q02 at Ultragaz totaled R$ 554.3
      million in 4Q02 compared with R$ 365.2 million in 4Q01. For the full year
      2002, net sales revenue was R$ 1,942.7 million, a year-on-year increase
      of 41%. Increased net sales revenue is a reflection of increased LPG costs
      in 2002.</font></P>
    <P><font size="2" face="Arial, Helvetica, sans-serif"><B><font color="navy">Oxiteno
      &#150;</font></B> Oxiteno&#146;s net sales revenue in 4Q02 was R$ 323.9
      million, a year-on-year growth of 57%. The Real&#146;s depreciation made
      the company&#146;s products more competitive both in the overseas as well
      as domestic markets where Oxiteno competes with imported products. For the
      full year 2002, Oxiteno&#146;s net sales revenues were R$ 956.1 million
      thus posting a year-on-year growth of 15%. </font></P>
    <P><font size="2" face="Arial, Helvetica, sans-serif"><B><font color="navy">Ultracargo
      &#150;</font>&nbsp;</B>Net sales revenue in 4Q02 was R$ 38.9 million, a
      growth of 35% compared with 4Q01. This increase reflects greater business
      volumes at Transultra due to further expansion in its client base.</font></P>
    <P><font size="2" face="Arial, Helvetica, sans-serif"><B><U><font color="navy">Cost
      of Goods Sold.</font></U></B><font color="navy">&nbsp;Ultrapar&#146;s costs
      of goods sold in 4Q02 at R$ 678.3 million was 56% higher than the R$ 435.0
      million posted for the same period in 2001. Ultrapar&#146;s cost of goods
      sold for the full year posted a year-on-year increase of 32%.</font></font></P>
    <P><font face="Arial, Helvetica, sans-serif"><B><font color="navy" size="2">Ultragaz:</font></B><font size="2">
      Ultragaz&#146;s cost of goods sold in 4Q02 was R$ 470.2 million, a year-on-year
      increase of 63%. This increase is a reflection of higher ex-refinery prices
      for LPG sold by Petrobras with an increase of 59% and 94% in the residential
      and non-residential segments respectively during the course of 2002. Since
      January 2002, Petrobras, as the only Brazilian producer, was allowed to
      set its own LPG prices for sales to the domestic market and benchmarked
      these to the international price plus the costs of importing the product.
      In the 3Q02, ANP intervened in Petrobr&aacute;s price policies, fearing the effects
      the increase in LPG prices might have on domestic inflation. From October
      onwards, Petrobras&#146; freedom to set its own LPG prices was gradually
      restored. For 2002 as a whole, Ultragaz&#146;s cost of goods sold increased
      year-on-year by 43%. </font></font></P>
    <P align="center"><font size="2" face="Arial, Helvetica, sans-serif">5</font></P>
    <hr> <P align="center"><img src="page6chart.jpg" width="461" height="305"></P>
    <P><font size="2" face="Arial, Helvetica, sans-serif"><B><font color="navy">Oxiteno:</font></B>&nbsp;The
      cost of goods sold at Oxiteno was R$ 192,5 million in 4Q02, 40% higher than
      the figure of R$ 137.6 million reported in 4Q01. Much of the increase was
      due to higher ethylene prices, which are very sensitive to the depreciation
      in the Real, as well as the effect of increased naphtha prices on the international
      market. At R$ 614.8 million in the accumulated 2002, Oxiteno&#146;s cost
      of goods sold rose year-on-year by 9%. </font></P>
    <P><font size="2" face="Arial, Helvetica, sans-serif"><B><font color="navy">Ultracargo</font></B>
      <font color="navy">&#150; </font>The cost of services rendered increased year-on-year
      by 44% in 4Q02, reflecting the higher prices of Tequimar&#146;s raw materials
      and in&nbsp; the case of Transultra, the increase in diesel fuel.</font></P>
    <P><font size="2" face="Arial, Helvetica, sans-serif"><B><U><font color="navy">Selling,
      General and Administrative Expenses</font></U> <font color="navy">&#150; </font></B><font color="navy">Ultrapar
      reported R$ 118.8 million in operational expenses in 4Q02 as against R$
      91.6 million for the same period in 2001. Ultrapar&#146;s SG&amp;A expenses
      for the full year were R$ 382.3 million and year-on-year higher by 20%.</font></font></P>
    <P><font size="2" face="Arial, Helvetica, sans-serif"><B><font color="navy">Ultragaz
      </font></B><font color="navy">&#150;</font>&nbsp;General, administrative and
      selling and depreciation expenses increased from R$ 51.2 million in 4Q01
      to R$ 65.7 million in 4Q02. Depreciation expenses were R$ 19.6 million,
      R$ 2.1 million higher than 4Q01. Selling expenses in 4Q02 increased R$ 6.7
      million over 4Q01. This increase reflected an allowance for doubtful account
      provision of R$ 8.3 million. Due to the present difficult environment, the
      amount of the provisions were increased. General and administrative expenses
      recorded an increase from R$ 12.9 million in 4Q01 to R$ 18.6 million in
      4Q02, due to the annual collective wage increase negotiated in September
      2002 and consultancy fees related to the implementation of the ERP &#150;
      Enterprise Resource Planning system. For the full year 2002, SG&amp;A expenses
      were R$ 217.8 million.</font></P>
    <P><font size="2" face="Arial, Helvetica, sans-serif"><B><font color="navy">Oxiteno
      &#150; </font></B>General, administrative and selling and depreciation
      expenses increased from R$ 37.9 million in 4Q01 to R$ 47.1 million in 4Q02.
      Selling expenses were 3% lower than for the same period in 2001 as a consequence
      of the reversal of R$ 2.6 million from allowance for doubtful account, once
      this amount has been received. This provision was constituted in 4Q01 in
      the light of the Argentine crisis. Administrative expenses increased from
      R$ 18.4 million to R$ 27.9 million due to an increased provision for the
      Profit Sharing Program, in line with the company&#146;s operating performance,
      as well as consultancy and legal fees involved with the Corporate Restructuring
      in 4Q02. For the full year 2002, Oxiteno&#146;s selling, general and administrative
      expenses were R$ 142.4 million. </font></P>
    <P><font size="2" face="Arial, Helvetica, sans-serif"><B><U><font color="navy">Operating
      Profit</font></U></B> <font color="navy">&#150; Ultrapar reported an operating
      profit of R$ 108.4 million, a year-on-year increase of 73% while Oxiteno's
      operating profit was R$ 84.4 million, an increase of R$ 53.4 million in
      relation to 4Q01. Ultragaz recorded an operating profit of R$ 19.3 million,
      R$ 6.4 million lower than the same item in 4Q01. It is important to notice
      that if the provision made in 4Q02 is ignored, Ultragaz&#146;s operating
      profit would have been R$ 27.6 million, corresponding to an increase of
      R$ 1.9 million compared with the same period in 2001. Ultracargo recorded
      an operating profit of R$ 3.6 million, R$ 1.2 million lower than in 4Q01.
      Ultrapar&#146;s operating profit for the full year was R$ 365.6 million,
      a year-on-year increase of 31%.</font></font></P>
    <P align="center"><font size="2" face="Arial, Helvetica, sans-serif">6</font></P>
    <hr> <P><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><B><U>EBITDA</U></B>
      &#150; Consolidated operating cash flow (EBITDA) was R$ 139.9 million in 4Q02,
      55% more than registered in the same period in 2001. The overall EBITDA
      figure for the year was R$ 487.3 million, a year-on-year increase of 31%.</font></P>
    <table width="90%" border="0" cellspacing="0" cellpadding="0">
      <tr>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif"><strong>EBITDA
          R$million&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</strong></font></td>
      </tr>
    </table>
    <P
align=center><font face="Arial, Helvetica, sans-serif"><B> <img src="page7chart.gif" width="737" height="325"></B></font><font face="Arial, Helvetica, sans-serif">
      </font></P>
    <font face="Arial, Helvetica, sans-serif">
    <P><B><font color="navy" size="2">Ultragaz &#150;</font></B><font size="2"> Ultragaz
      reported an EBITDA of R$ 38.9 million, and a decline of R$ 4.3 million in
      relation to 4Q01. EBITDA for the full year 2002 was R$ 219.8 million, an
      increase of R$ 56.7 million compared with the same period in 2001.</font></P>
    </font> <P><font size="2" face="Arial, Helvetica, sans-serif"><B><font color="navy">Oxiteno
      &#150;</font></B> Oxiteno reported an EBITDA of R$ 92.7 million, an increase
      of R$ 54.1 million in relation to 4Q01. For the full year, EBITDA was R$
      232.6 million, an increase of R$ 55.8 million compared with the same period
      in 2001.</font></P>
    <P><font size="2" face="Arial, Helvetica, sans-serif"><B><font color="navy">Ultracargo
      &#150; </font></B>Ultracargo posted EBITDA of R$ 7.0 million, corresponding
      to a decline of R$ 0.2 million compared to 4Q01. EBITDA for the full year
      2002 was R$ 29.3 million, a growth of 3% compared to the same period in
      2001.</font></P>
    <P><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><B><U>Financial
      Results</U> &#150;</B> Ultrapar posted a loss of R$ 7.2 million in its 4Q02 albeit
      a gain of R$ 28.5 million for 2002 as a whole. </font></P>
    <P><font size="2" face="Arial, Helvetica, sans-serif">Ultrapar ended 2002
      with a total cash position of R$ 637.9 million, of which R$ 508.4 million
      was in dollar denominated assets and hedge instruments. Total debt in December
      was R$ 583.5 million, of which foreign currency denominated liabilities,
      including advances on foreign exchanges contracts, were R$ 348.9 million.
      Even after the disbursement of R$ 208.0 million to Oxiteno&#146;s dissenting
      minority shareholders following the completion of the Corporate Restructuring,
      Ultrapar ended the year with a net cash position of R$ 54.4 million, and
      100% of its dollar denominated liabilities hedged.</font></P>
    <P><font size="2" face="Arial, Helvetica, sans-serif"><B><U><font color="navy">Net
      Income</font></U> <font color="navy">&#150;</font></B><font color="navy">&nbsp;Consolidated
      net income was R$ 107.8 million in 4Q02, R$ 82.9 million higher than in
      4Q01. Net income for the full year was R$ 222.3 million, against R$ 132.2
      million for the full year 2001, and representing a growth of 68%. </font></font></P>
    <P><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><B><U>Investments</U>
      &#150; </B>In 2002, investments totaled R$ 432.8 millions, including the purchase
      of the additional stakes in group companies. In 4Q02, investments were R$&nbsp;
      278.5 million, of which R$ 208.0 million was invested in the acquisition
      of the minority shareholders in Oxiteno and R$&nbsp;70.5 million in CAPEX,
      distributed among the businesses as follows:</font></P>
    <P align="center"><font size="2" face="Arial, Helvetica, sans-serif">7</font></P>
    <hr> <P align="center"><font size="2" face="Arial, Helvetica, sans-serif"></font></P>
    <font face="Arial, Helvetica, sans-serif"></DIV></font><font face="Arial, Helvetica, sans-serif"><BR clear=all>
    </font> <DIV>

      <P>&nbsp;</P>
      <TABLE
cellSpacing=0 cellPadding=0 border=1>
        <TR>
          <TD
    vAlign=top width=112> <P><font size="2" face="Arial, Helvetica, sans-serif"><B><I>CAPEX
              4Q02 </I></B></font></P></TD>
          <TD
    vAlign=top width=71> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif"><B><I>R$
              MM</I></B></font></P></TD>
          <TD
    vAlign=top width=83> <P
      align=center><font size="2" face="Arial, Helvetica, sans-serif"><B><I>%
              of Total</I></B></font></P></TD>
        </TR>
        <TR>
          <TD
    vAlign=top width=112> <P><font face="Arial, Helvetica, sans-serif">Ultragaz</font></P></TD>
          <TD width=71
    vAlign=top bgcolor="#CCCCCC"> <P
      align=right><font face="Arial, Helvetica, sans-serif"><I>46.9</I></font></P></TD>
          <TD
    vAlign=top width=83> <P
      align=right><font face="Arial, Helvetica, sans-serif"><I>67%</I></font></P></TD>
        </TR>
        <TR>
          <TD
    vAlign=top width=112> <P><font face="Arial, Helvetica, sans-serif">Oxiteno</font></P></TD>
          <TD width=71
    vAlign=top bgcolor="#CCCCCC"> <P
      align=right><font face="Arial, Helvetica, sans-serif"><I>17.7</I></font></P></TD>
          <TD
    vAlign=top width=83> <P
      align=right><font face="Arial, Helvetica, sans-serif"><I>25%</I></font></P></TD>
        </TR>
        <TR>
          <TD
    vAlign=top width=112> <P><font face="Arial, Helvetica, sans-serif">Ultracargo</font></P></TD>
          <TD width=71
    vAlign=top bgcolor="#CCCCCC"> <P
      align=right><font face="Arial, Helvetica, sans-serif"><I>5.8</I></font></P></TD>
          <TD
    vAlign=top width=83> <P
      align=right><font face="Arial, Helvetica, sans-serif"><I>8%</I></font></P></TD>
        </TR>
        <TR>
          <TD
    vAlign=top width=112> <P><font face="Arial, Helvetica, sans-serif"><B>Ultrapar</B></font></P></TD>
          <TD width=71
    vAlign=top bgcolor="#CCCCCC"> <P
      align=right><font face="Arial, Helvetica, sans-serif"><B><I>70.5</I></B></font></P></TD>
          <TD
    vAlign=top width=83> <P
      align=right><font face="Arial, Helvetica, sans-serif"><B><I>100%</I></B></font></P></TD>
        </TR>
      </TABLE>
      <P>&nbsp;</P>
    </DIV>
    <ul>
      <li>
        <DIV><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;At Ultragaz,
          capital expenditures were largely directed towards expanding the non-residential
          segment (UltraSystem), bottles and the new filling plant in Betim;<br>
          <br>
          </font></DIV>
      </li>
      <li>
        <DIV><font size="2" face="Arial, Helvetica, sans-serif">At Oxiteno, capital
          expenditures were directed for expanding production capacity, quality
          and environmental control systems and the replacement of equipment;<br>
          <br>
          </font></DIV>
      </li>
      <li>
        <DIV><font size="2" face="Arial, Helvetica, sans-serif">At Ultracargo,
          capital expenditures were directed to the expansion of Santos
          (S&atilde;o Paulo) and Aratu (Bahia) based terminals.</font></DIV>
      </li>
    </ul>
    <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">
      8 </font> </div>
    <hr>
    <P align="center"><img src="chart1p9.gif" width="384" height="237"></P>
    <table width="90%" border="0" cellspacing="0" cellpadding="0">
      <tr>
        <td bgcolor="navy"><font face="Arial, Helvetica, sans-serif">
          <P><B><font color="white" size="2">Ultrapar in the Capital Markets</font></B></P>
          </font> </td>
      </tr>
    </table>
    <font face="Arial, Helvetica, sans-serif">&nbsp;</P><BR clear=all>
    <P><font size="2" face="Arial, Helvetica, sans-serif">In 2002, Ultrapar&#146;s
      shares showed a consistently good performance in relation to the main local
      market indexes, Ibovespa and IBX, ending the year with an appreciation of
      33% against the Ibovespa&#146;s depreciation of 17% and an appreciation
      of 6% in the IBX.</font></P>
    </font> <P align=center><font face="Arial, Helvetica, sans-serif"><B>&nbsp;<img src="chart2p9.gif" width="472" height="242"></B></font><font face="Arial, Helvetica, sans-serif"><B>&nbsp;</B></P></font></P>
    <P align=center><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><strong><font size="1">__</font></strong></font><font size="1" face="Arial, Helvetica, sans-serif">
      UGPA4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color="#FF00FF"><strong>__</strong></font>
      IBOV&nbsp;<strong>&nbsp;<font color="#336666">__</font></strong>&nbsp;IBX</font></P>
    <P align=center><font face="Arial, Helvetica, sans-serif"><BR clear=all>
      <font size="2">9 </font></font></P>
    <hr>
    <font face="Arial, Helvetica, sans-serif"><BR clear=all>
    </font><font face="Arial, Helvetica, sans-serif">
    <P><font size="2">The average daily trading volume in 2002 was R$ 1,233 thousand,
      including transactions on both the Bovespa and the New York Stock Exchange
      (NYSE), representing a year-on-year increase of 57%. If we consider the
      financial volume alone of Ultrapar shares traded on Bovespa, the increase
      was 101% against an increase of 10% in financial volume traded for the market
      as a whole. </font></P>
    </font> <P align=center><img src="chart1p10.gif" width="442" height="243"></P>
    <P align=center>&nbsp;</P>
    <table width="90%" border="0" cellspacing="0" cellpadding="0">
      <tr>
        <td bgcolor="NAVY"><font face="Arial, Helvetica, sans-serif"><B><font color="white" size="2">Forthcoming
          Events </font></B></font></td>
      </tr>
    </table>
    <P><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><B><U>Results
      Release:</U></B></font></P>
    <P><font size="2" face="Arial, Helvetica, sans-serif">On February 14, 2003,
      Ultrapar will host a conference call with investors to discuss the company&#146;s
      fourth quarter 2002 performance and the outlook for 2003.</font></P>
    <P><font face="Arial, Helvetica, sans-serif"><B><font size="2">Conference
      Call in Portuguese:</font></B><font size="2"><B>11:00
      a.m.</B><B> (Bras&iacute;lia time)<br>
      </B></font></font><font size="2" face="Arial, Helvetica, sans-serif">Dial-in
      to pre-registering: <B>55 11 4613-0512<br>
      </B></font></P>
    <P align="center"><font size="2" face="Arial, Helvetica, sans-serif">10</font></P>
    <hr>
    <P>&nbsp;</P>
    <P><font size="2" face="Arial, Helvetica, sans-serif">Website to pre-register:
      www.ccall.com.br/thomson<br>
      </font><font size="2" face="Arial, Helvetica, sans-serif">Password for participants:
      <B>702 </B>+ registration number to be provided at pre-registration (PIN)<br>
      </font><font size="2" face="Arial, Helvetica, sans-serif">Please call 5
      minutes prior to the conference call time on&nbsp;&nbsp; <B>55 11 4613-0500</B>
      with your password.</font></P>
    <P><font size="2" face="Arial, Helvetica, sans-serif"><B>Conference Call in
      English: </B><B>9:00 a.m.</B><B>
      (</B><B>New York</B><B> time)<br>
      </B></font><font size="2" face="Arial, Helvetica, sans-serif">Dial-in to
      pre-register:<br>
      </font><font size="2" face="Arial, Helvetica, sans-serif">Calling from Brazil:
      <B>11 4613-0512<br>
      </B></font><font size="2" face="Arial, Helvetica, sans-serif">Calling from
      abroad: <B>55 11 4613-0513<br>
      </B></font><font size="2" face="Arial, Helvetica, sans-serif">Website: <B>www.ccall.com.br/thomson</B> (Click
      on version in English)<br>
      </font><font size="2" face="Arial, Helvetica, sans-serif">Participant Password:<B>
      628<br>
      </B></font><font size="2" face="Arial, Helvetica, sans-serif"><B>Connecting
      Telephones:<br>
      </B></font><font size="2" face="Arial, Helvetica, sans-serif">Calling from
      Brazil: <B>11 4613-0503<br>
      </B></font><font size="2" face="Arial, Helvetica, sans-serif">Calling from
      the USA: <B>1-703-788-1236</B> or <B>1-866-812-0442</B> <B>(toll free)<br>
      </B></font><font size="2" face="Arial, Helvetica, sans-serif"> Participant
      Password:<B> 628 </B>+ Personal Identification Number (PIN)</font></P>
    <P><font size="2" face="Arial, Helvetica, sans-serif"><B>Following the conference
      calls, replays will be made available until&nbsp; </B><B>February 24, 2003</B><B>
      at the following numbers: </B></font></P>
    <P><font size="2" face="Arial, Helvetica, sans-serif"></font><font size="2" face="Arial, Helvetica, sans-serif"><B>Conference
      Call in Portuguese: </B>&nbsp;<br>
      </font><font size="2" face="Arial, Helvetica, sans-serif">Telephone: <B>55
      11 4613-0501</B> (Password 702)</font></P>
    <H2><font size="2" face="Arial, Helvetica, sans-serif">Conference Call in
      English<br>
      </font><font size="2" face="Arial, Helvetica, sans-serif">For participants
      calling from Brazil: <B>11 4613-0502</B> (password 628)<br>
      </font><font size="2" face="Arial, Helvetica, sans-serif">For participants
      calling from the USA: <B>1-703-788-1236</B> or <B>1-866-812-0442</B> (Password
      628)</font></H2>
    <P><font size="2" face="Arial, Helvetica, sans-serif">All financial information
      has been prepared in accordance with Brazilian corporate law accounting.&nbsp;
      All figures are given in Brazilian Reais, except on page 18 where they were
      converted into U.S. dollars, based on the average commercial exchange rate
      for the corresponding periods.&nbsp;&nbsp;&nbsp; </font></P>
    <P><font size="2" face="Arial, Helvetica, sans-serif"><B>For further information
      please contact:<br>
      </B></font><font size="2" face="Arial, Helvetica, sans-serif">Investor Relations
      Department&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
      </font><font size="2" face="Arial, Helvetica, sans-serif">Ultrapar Participa&ccedil;&ouml;es
      S.A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
      </font><font size="2" face="Arial, Helvetica, sans-serif">(55 11) 3177-6513&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
      </font><font size="2" face="Arial, Helvetica, sans-serif">fbrasil@ultra.com.br&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
      </font><font size="2" face="Arial, Helvetica, sans-serif">www.ultra.com.br</font></P>
    <P align="center"><font size="2" face="Arial, Helvetica, sans-serif">11</font></P>
    <hr>
    <br>
    <table width="90%" border="0" cellspacing="0" cellpadding="0">
      <tr>
        <td bgcolor="navy"><font color="white" size="2" face="Arial, Helvetica, sans-serif"><B>Relevant
          Market Information </B></font></td>
      </tr>
    </table>
    <p>&nbsp;</p>
    <TABLE width="95%" border=0 cellPadding=0 cellSpacing=0>
      <TR>
        <TD colspan="5" vAlign=top><hr color="navy"></TD>
      </TR>
      <TR>
        <TD vAlign=top width=260> <P><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><B>Focus
            on Finance</B></font></P></TD>
        <TD vAlign=top width=121> <P align=right><font color="navy" face="Arial, Helvetica, sans-serif"><B><font size="2">4Q02</font></B></font></P></TD>
        <TD vAlign=top width=121> <P align=right><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><B>4Q01</B></font></P></TD>
        <TD vAlign=top width=121> <P align=right><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><B>Acum.
            02</B></font></P></TD>
        <TD vAlign=top width=121> <P align=right><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><B>Acum.
            01</B></font></P></TD>
      </TR>
      <TR>
        <TD colspan="5" vAlign=top><hr color="navy"></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=260> <P><font size="2" face="Arial, Helvetica, sans-serif">EBITDA&nbsp;
            margin Ultrapar</font></P></TD>
        <TD width=121
    vAlign=top bgcolor="#CCCCCC"> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">15%</font></P></TD>
        <TD
    vAlign=top width=121> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">15%</font></P></TD>
        <TD width=121
    vAlign=top bgcolor="#CCCCCC">
          <P align=right><font color="#000000" size="2" face="Arial, Helvetica, sans-serif">16%</font></P></TD>
        <TD
    vAlign=top width=121> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">16%</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=260> <P><font size="2" face="Arial, Helvetica, sans-serif">Net
            income margin Ultrapar</font></P></TD>
        <TD width=121
    vAlign=top bgcolor="#CCCCCC"> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">12%</font></P></TD>
        <TD
    vAlign=top width=121> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">4%</font></P></TD>
        <TD width=121
    vAlign=top bgcolor="#CCCCCC">
          <P align=right><font color="#000000" size="2" face="Arial, Helvetica, sans-serif">7%</font></P></TD>
        <TD
    vAlign=top width=121> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">6%</font></P></TD>
      </TR>
    </TABLE>
    <P>&nbsp;</P>
    <TABLE width="95%" border=0 cellPadding=0 cellSpacing=0>
      <TR>
        <TD colspan="5" vAlign=top><hr color="navy"></TD>
      </TR>
      <TR>
        <TD vAlign=top> <P><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><B>Focus
            on Productivity</B></font></P></TD>
        <TD vAlign=top> <P align=right><font color="navy" face="Arial, Helvetica, sans-serif"><B><font size="2">4Q02</font></B></font></P></TD>
        <TD vAlign=top> <P align=right><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><B>4Q01</B></font></P></TD>
        <TD vAlign=top> <P align=right><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><B>Acum.
            02</B></font></P></TD>
        <TD vAlign=top> <P align=right><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><B>Acum.
            01</B></font></P></TD>
      </TR>
      <TR>
        <TD colspan="5" vAlign=top><hr color="navy"></TD>
      </TR>
      <TR>
        <TD vAlign=top width=260> <P><font size="2" face="Arial, Helvetica, sans-serif">EBITDA
            R$/ton Ultragaz</font></P></TD>
        <TD width=121 vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">119</font></P></TD>
        <TD vAlign=top width=121> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">129</font></P></TD>
        <TD width=121 vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">169</font></P></TD>
        <TD vAlign=top width=121> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">121</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=260> <P><font size="2" face="Arial, Helvetica, sans-serif">EBITDA
            R$/ton Oxiteno </font></P></TD>
        <TD width=121 vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">780</font></P></TD>
        <TD vAlign=top width=121> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">376</font></P></TD>
        <TD width=121 vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">537</font></P></TD>
        <TD vAlign=top width=121> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">397</font></P></TD>
      </TR>
    </TABLE>
    <p>&nbsp;</p><TABLE width="95%" border=0 cellPadding=0 cellSpacing=0>
      <TR>
        <TD colspan="5"
    vAlign=top><hr color="navy"></TD>
      </TR>
      <TR>
        <TD
    vAlign=top> <P><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><B>Focus
            on </B></font><font face="Arial, Helvetica, sans-serif"><B><font color="navy" size="2">Human
            Resources</font></B></font></P></TD>
        <TD
    vAlign=top> <P align=right><font color="navy" face="Arial, Helvetica, sans-serif"><B><font size="2">4Q02</font></B></font></P></TD>
        <TD
    vAlign=top> <P align=right><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><B>4Q01</B></font></P></TD>
        <TD
    vAlign=top> <P align=right><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><B>Acum.
            02</B></font></P></TD>
        <TD
    vAlign=top> <P align=right><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><B>Acum.
            01</B></font></P></TD>
      </TR>
      <TR>
        <TD colspan="5" vAlign=top><hr color="navy"></TD>
      </TR>
      <TR>
        <TD  vAlign=top width=260> <P><font size="2" face="Arial, Helvetica, sans-serif">Number
            of employees Ultrapar</font></P></TD>
        <TD width=121 vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">5,876</font></P></TD>
        <TD vAlign=top width=121> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">5,748</font></P></TD>
        <TD width=121 vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">5,876</font></P></TD>
        <TD vAlign=top width=121> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">5,748</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=260> <P><font size="2" face="Arial, Helvetica, sans-serif">Number
            of employees Ultragaz</font></P></TD>
        <TD width=121 vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">4,032</font></P></TD>
        <TD  vAlign=top width=121> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">4,051</font></P></TD>
        <TD width=121 vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">4,032</font></P></TD>
        <TD vAlign=top width=121> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">4,051</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=260> <P><font size="2" face="Arial, Helvetica, sans-serif">Number
            of employees Oxiteno</font></P></TD>
        <TD width=121 vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">912</font></P></TD>
        <TD vAlign=top width=121> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">902</font></P></TD>
        <TD width=121 vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">912</font></P></TD>
        <TD vAlign=top width=121> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">902</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=260> <P><font size="2" face="Arial, Helvetica, sans-serif">Number
            of employees Ultracargo</font></P></TD>
        <TD width=121 vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">743</font></P></TD>
        <TD vAlign=top width=121> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">627</font></P></TD>
        <TD width=121 vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">743</font></P></TD>
        <TD vAlign=top width=121> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">627</font></P></TD>
      </TR>
    </TABLE>
    <P>&nbsp;</P>
    <TABLE width="95%" border=0 cellPadding=0 cellSpacing=0>
      <TR>
        <TD colspan="5" vAlign=top><hr color="navy"></TD>
      </TR>
      <TR>
        <TD vAlign=top> <P><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><B>Focus
            on Capital Markets</B></font></P></TD>
        <TD vAlign=top> <P align=right><font color="navy" face="Arial, Helvetica, sans-serif"><B><font size="2">4Q02</font></B></font></P></TD>
        <TD vAlign=top> <P align=right><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><B>4Q01</B></font></P></TD>
        <TD vAlign=top> <P align=right><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><B>Acum.
            02</B></font></P></TD>
        <TD vAlign=top> <P align=right><font color="navy" size="2" face="Arial, Helvetica, sans-serif"><B>Acum.
            01</B></font></P></TD>
      </TR>
      <TR>
        <TD colspan="5" vAlign=top><hr color="navy"></TD>
      </TR>
      <TR>
        <TD vAlign=top width=354> <P><font size="2" face="Arial, Helvetica, sans-serif">N&ordm;
            of shares (MM) </font></P></TD>
        <TD width=89 vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">69,691</font></P></TD>
        <TD
    vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">53,000</font></P></TD>
        <TD width=100
    vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">69,691</font></P></TD>
        <TD
    vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">53,000</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=354> <P><font size="2" face="Arial, Helvetica, sans-serif">Market
            Capitalization &#150; R$ million</font></P></TD>
        <TD width=89
    vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">1,735</font></P></TD>
        <TD vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">911</font></P></TD>
        <TD width=100 vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">1,735</font></P></TD>
        <TD vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">911</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=354> <P><font size="2" face="Arial, Helvetica, sans-serif">Av.
            daily trading volume BOVESPA &#150; th. shares</font></P></TD>
        <TD width=89 vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">37,709</font></P></TD>
        <TD vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">58,551</font></P></TD>
        <TD width=100 vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">40,358</font></P></TD>
        <TD vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">24,653</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=354> <P><font size="2" face="Arial, Helvetica, sans-serif">Av.
            daily trading volume&nbsp; BOVESPA&#150; R$ th.</font></P></TD>
        <TD width=89 vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">862</font></P></TD>
        <TD  vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">961</font></P></TD>
        <TD width=100 vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">860</font></P></TD>
        <TD vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">427</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=354> <P><font size="2" face="Arial, Helvetica, sans-serif">Av.
            BOVESPA price&nbsp; &#150; R$ / th. shares</font></P></TD>
        <TD width=89 vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">22.87</font></P></TD>
        <TD
    vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">16.41</font></P></TD>
        <TD width=100
    vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">21.31</font></P></TD>
        <TD
    vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">17.34</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=354> <P><font size="2" face="Arial, Helvetica, sans-serif">N&ordm;.
            of ADRs<SUP>1</SUP> on the NYSE (th. ADRs)</font></P></TD>
        <TD width=89
    vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">4,112</font></P></TD>
        <TD
    vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">7,838</font></P></TD>
        <TD width=100
    vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">4,112</font></P></TD>
        <TD
    vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">7,838</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=354> <P><font size="2" face="Arial, Helvetica, sans-serif">Av.
            daily trading volume NYSE &#150; ADRs</font></P></TD>
        <TD width=89
    vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">10,855</font></P></TD>
        <TD
    vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">37,535</font></P></TD>
        <TD width=100
    vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">17,542</font></P></TD>
        <TD
    vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">21,107</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=354> <P><font size="2" face="Arial, Helvetica, sans-serif">Av.
            daily trading volume NYSE&#150;US$ th.</font></P></TD>
        <TD width=89
    vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">70.2</font></P></TD>
        <TD
    vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">231.3</font></P></TD>
        <TD width=100
    vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">136.8</font></P></TD>
        <TD
    vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">150.5</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=354> <P><font size="2" face="Arial, Helvetica, sans-serif">Av.
            NYSE price &#150; US$ / ADRs</font></P></TD>
        <TD width=89
    vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">6.47</font></P></TD>
        <TD
    vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">6.16</font></P></TD>
        <TD width=100
    vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">7.80</font></P></TD>
        <TD
    vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">7.13</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=354> <P><font size="2" face="Arial, Helvetica, sans-serif">Av.total<SUP>2</SUP>
            daily trading volume &#150; th. shares</font></P></TD>
        <TD width=89
    vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">48,564</font></P></TD>
        <TD
    vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">96,086</font></P></TD>
        <TD width=100
    vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">57,900</font></P></TD>
        <TD
    vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">45,761</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=354> <P><font size="2" face="Arial, Helvetica, sans-serif">Av.total<SUP>2
            </SUP>&nbsp;daily financial volume&#150; R$ th.</font></P></TD>
        <TD width=89
    vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">1,124</font></P></TD>
        <TD
    vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">1,558</font></P></TD>
        <TD width=100
    vAlign=top bgcolor="#CCCCCC">
          <P align=right><font size="2" face="Arial, Helvetica, sans-serif">1,233</font></P></TD>
        <TD
    vAlign=top width=100> <P align=right><font size="2" face="Arial, Helvetica, sans-serif">787</font></P></TD>
      </TR>
    </TABLE>
    <P><font size="1" face="Arial, Helvetica, sans-serif"><SUP>1</SUP><I> 1 ADR = 1.000
      preferred shares</I></font><br>
<font size="1" face="Arial, Helvetica, sans-serif"><SUP>2</SUP><I> Total = BOVESPA
      + NYSE</I></font></P>
    <P align="center"><font size="2" face="Arial, Helvetica, sans-serif">12</font></P>
    <hr>
    <P align=center><font size="2" face="Arial, Helvetica, sans-serif"><strong>ULTRAPAR
      PARTICIPA&Ccedil;&Ouml;ES S/A</strong></font><br>
      <strong><font size="2" face="Arial, Helvetica, sans-serif">CONSOLIDATED
      BALANCE SHEET<br>
      In millions of reais - Corporate law</font></strong></P>
    <p></p>
    <P
align=center>
    <table cellpadding=0 cellspacing=0 align=left>
      <tr>
        <td width=31 height=0></td>
      </tr>
    </table>
    <table width="95%" border="0" cellspacing="5" cellpadding="0">
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td colspan="3"><div align="center">
            <hr>
            <font size="2" face="Arial, Helvetica, sans-serif"><strong>QUARTERS
            ENDED IN</strong></font>
            <hr>
          </div></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td><div align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font>
            </strong>
            <hr>
          </div></td>
        <td><div align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font>
            </strong>
            <hr>
          </div></td>
        <td><div align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">SEP</font>
            </strong>
            <hr>
          </div></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td><div align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font>
            </strong>
            <hr>
          </div></td>
        <td><div align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2001</font>
            </strong>
            <hr>
          </div></td>
        <td><div align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font>
            </strong>
            <hr>
          </div></td>
      </tr>
      <tr>
        <td><strong><font size="2" face="Arial, Helvetica, sans-serif">ASSETS</font></strong></td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">Cash and marketable
          securities</font></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">637.9</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">656.0</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">863.8</font></div></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">Trade accounts
          receivable</font></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">271.7</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">149.3</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">248.0</font></div></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">Inventories</font></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">106.3</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">94.5</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">92.3</font></div></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Other</font></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">171.0</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">145.4</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">152.3</font>
            <hr size="1" noshade>
          </div></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Total Current Assets</font></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,186.9</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,045.2</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,356.4</font>
            <hr size="1" noshade>
          </div></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">Investments</font></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">33.0</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">88.8</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">45.2</font></div></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">Property, plant
          and equipment</font></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">779.5</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">707.9</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">754.5</font></div></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">Deferred charges</font></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">81.1</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">68.1</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">76.7</font></div></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Other long term
          assets</font></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">47.4</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">42.0</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">67.1</font>
            <hr size="1" noshade>
          </div></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Total Long Term
          Assets</font></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">941.0</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">906.8</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">943.5</font>
            <hr size="1" noshade>
          </div></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><strong><font size="2" face="Arial, Helvetica, sans-serif">TOTAL ASSETS</font></strong></td>
        <td> <div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">2,127.9</font>
            </strong>
            <hr size="2" noshade>
          </div></td>
        <td> <div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">1,952.0</font>
            </strong>
            <hr size="2" noshade>
          </div></td>
        <td> <div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">2,299.9</font>
            </strong>
            <hr size="2" noshade>
          </div></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif"><strong>LIABILITIES
          AND STOCKHOLDERS' EQUITY</strong></font></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"></font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"></font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"></font></div></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">Loans</font></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">219.8</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">124.5</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">223.0</font></div></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">Suppliers</font></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">104.4</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">88.4</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">68.6</font></div></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">Salaries and related
          contributions</font></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">64.4</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">50.2</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">54.0</font></div></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">Taxes</font></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">11.9</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">7.8</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">20.8</font></div></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Other accounts
          payable</font></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">67.7</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">52.9</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">18.8</font>
            <hr size="1" noshade>
          </div></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Total Current Liabilities</font></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">468.2</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">323.8</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">385.2</font>
            <hr size="1" noshade>
          </div></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">Loans</font></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">363.7</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">290.2</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">402.0</font></div></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">Deferred income
          tax</font></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">34.8</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">24.0</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">39.6</font></div></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Other long term
          liabilities</font></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">39.2</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">74.2</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">79.2</font>
            <hr size="1" noshade>
          </div></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Total Long Term
          Liabilities</font></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">437.7</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">388.4</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">520.8</font>
            <hr size="1" noshade>
          </div></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif"><strong>TOTAL LIABILITIES</strong></font></td>
        <td> <div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">905.9</font>
            </strong>
            <hr size="2" noshade>
          </div></td>
        <td> <div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">712.2</font>
            </strong>
            <hr size="2" noshade>
          </div></td>
        <td> <div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">906.0</font>
            </strong>
            <hr size="2" noshade>
          </div></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif"><strong>STOCKHOLDERS'
          EQUITY</strong></font></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"></font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"></font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif"></font></div></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">Capital</font></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">664.0</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">433.9</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">433.9</font></div></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">Revalution reserve</font></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">26.0</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">25.9</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">23.7</font></div></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">Revenue reserves</font></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">501.1</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">340.2</font></div></td>
        <td><div align="right"><font size="2" face="Arial, Helvetica, sans-serif">339.8</font></div></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Retained earnings</font></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">-</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">-</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">95.9</font>
            <hr size="1" noshade>
          </div></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Total Stockholders'
          Equity</font></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,191.1</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">800.0</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">893.3</font>
            <hr size="1" noshade>
          </div></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Minority Interests</font></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">30.9</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">439.8</font>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">500.6</font>
            <hr size="1" noshade>
          </div></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif"><strong>TOTAL STOCKHOLDERS'
          EQUITY &amp; M.I.</strong></font></td>
        <td> <div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">1,222.0</font>
            </strong>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">1,239.8</font>
            </strong>
            <hr size="1" noshade>
          </div></td>
        <td> <div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">1,393.9</font>
            </strong>
            <hr size="1" noshade>
          </div></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif"><strong>TOTAL LIAB.
          AND STOCKHOLDERS' EQUITY</strong></font></td>
        <td> <div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">2,127.9</font>
            </strong>
            <hr size="2" noshade>
          </div></td>
        <td> <div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">1,952.0</font>
            </strong>
            <hr size="2" noshade>
          </div></td>
        <td> <div align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">2,299.9</font>
            </strong>
            <hr size="2" noshade>
          </div></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
      </tr>
    </table>
    <div align="center"><font face="Arial, Helvetica, sans-serif"><BR clear=all>
      <font size="2"></P> 13 </font></font> </div>
    <hr>
    <table width="95%" border="0" cellspacing="5" cellpadding="0">
      <tr align="center">
        <td colspan="6"><font size="2" face="Arial, Helvetica, sans-serif"><strong>ULTRAPAR
          PARTICIPA&Ccedil;&Ouml;ES S/A</strong></font></td>
      </tr>
      <tr align="center">
        <td colspan="6"><font size="2" face="Arial, Helvetica, sans-serif"><strong>CONSOLIDATED
          STATEMENT OF INCOME</strong></font></td>
      </tr>
      <tr align="center">
        <td colspan="6"><font size="2" face="Arial, Helvetica, sans-serif"><strong>In
          millions of reais (except per share data) - corporate law</strong></font></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td colspan="3" align="center"><hr noshade> <font size="2" face="Arial, Helvetica, sans-serif"><strong>QUARTERS
          ENDED IN</strong></font> <hr noshade></td>
        <td colspan="2" align="center"><hr noshade> <strong><font size="2" face="Arial, Helvetica, sans-serif">ACCUMULATED</font></strong>
          <hr noshade></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr noshade></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr noshade></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">SEP</font></strong>
          <hr noshade></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr noshade></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr noshade></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr noshade></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2001</font></strong>
          <hr noshade></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr noshade></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr noshade></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2001</font></strong>
          <hr noshade></td>
      </tr>

      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">Net sales</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">907.5&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">591.5&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">833.1&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,994.5&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,284.7&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Cost
          of goods sold</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(678.3)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(435.0)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(608.9)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(2,247.1)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,698.3)</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">Gross profit</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">229.2&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">156.5&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">224.2&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">747.4&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">586.4&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Operating
          expenses</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(45.8)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(39.7)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(32.2)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(130.2)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(120.0)</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
          and administrative</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(52.1)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(33.4)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(42.3)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(170.3)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(131.6)</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
          and amortization</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(20.9)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(18.5)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(20.9)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(81.8)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(66.2)</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Other
          operating results</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(2.0)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(2.2)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.1&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.4&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">10.2&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">EBIT</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">108.4&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">62.7&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">128.9&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">365.5&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">278.8&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Financial
          results</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
          income</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(24.4)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(29.6)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">158.8&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">238.0&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">120.7&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
          expenses</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">22.3&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">21.4&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(126.2)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(176.6)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(122.8)</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes
          on financial activities</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(5.1)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(8.0)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(12.4)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(32.9)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(29.0)</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Equity
          in earnings (losses) of affiliates</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1.2)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.9&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1.6)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1.7)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.0&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit
          of tax holidays</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">14.9&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">6.0&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">14.7&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">43.5&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">26.9&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Non-operating
          income (expense)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.5</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(2.6)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(42.8)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(44.1)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(17.0)</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">Income before taxes</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">115.4&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">50.8&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">119.4&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">391.7&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">259.6&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Social
          contribution and income tax</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(32.0)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(8.3)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(37.7)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(114.9)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(54.5)</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">Income before minority
          interest</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">83.4&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">42.5&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">81.7&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">276.8&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">205.1&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Minority
          interest</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">24.4&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(17.6)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(34.1)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(54.5)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(72.9)</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Net
          Income</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">107.8&nbsp;</font>
          <hr size="2" noshade></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">24.9&nbsp;</font>
          <hr size="2" noshade></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">47.6&nbsp;</font>
          <hr size="2" noshade></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">222.3&nbsp;</font>
          <hr size="2" noshade></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">132.2&nbsp;</font>
          <hr size="2" noshade>
         </td>
      </tr>


      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">EBITDA</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">139.9&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">90.4&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">160.1&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">487.3&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">372.5&nbsp;</font></td>
      </tr>

    </table>
    <P align=center><font size="2" face="Arial, Helvetica, sans-serif">14</font></P>
    <hr>

    <font face="Arial, Helvetica, sans-serif"><BR clear=all>
    <table width="95%" border="0" cellspacing="5" cellpadding="0">
      <tr align="center">
        <td colspan="4"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif"><strong>ULTRAPAR
          PARTICIPA&Ccedil;&Ouml;ES S/A</strong></font></td>
      </tr>
      <tr align="center">
        <td colspan="4"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;
          </font><font size="2" face="Arial, Helvetica, sans-serif"><strong>CONSOLIDATED
          CASH FLOW STATEMENT</strong></font><strong></strong><strong><font size="2" face="Arial, Helvetica, sans-serif">In
          millions of reais - corporate law</font></strong></td>
      </tr>
      <tr>
        <td width="1%" align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td colspan="2" align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr noshade></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr size="2" noshade></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2001</font></strong>
          <hr size="2" noshade></td>
      </tr>
      <tr>
        <td colspan="2" align="left" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">Cash
          Flows from operating activities</font></strong></td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">466.9&nbsp;</font></strong></td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">338.4&nbsp;</font></strong></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Net
          income</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">222.3&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">132.2&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Minority
          interest</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">54.5&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">72.9&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Depreciation
          and amortization</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">121.8&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">102.4&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Working
          capital</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(125.7)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(56.0)</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Financial
          expenses (A)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">116.2&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">74.1&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Other
          (E)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">77.8&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">12.8&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr>
        <td colspan="2" align="left" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">Cash&nbsp;Flows
          from investing activities</font></strong></td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">(426.4)</font></strong></td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">(205.3)</font></strong></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Additions
          to property, plant, equipment and deferred charges (D)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(220.0)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(203.0)</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Disposals
          of permanent assets</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">4.5&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">9.3&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Acquisition
          of minority interests (including treasury shares)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(212.8)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(13.8)</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Dividends
          received from affiliates</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">0.4&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">1.3&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Other&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">1.5&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">0.9&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr>
        <td colspan="2" align="left" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">Cash&nbsp;Flows
          from financing activities</font></strong></td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">(58.5)</font></strong></td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">(339.4)</font></strong></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Short
          term debt, net</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">55.8&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(51.5)</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Issuances&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">97.3&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">54.4&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Debt
          payments</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(98.2)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(85.3)</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Related
          companies</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(2.3)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(1.2)</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Dividends
          paid (B)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(60.7)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(244.3)</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Other&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(50.4)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(11.4)</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr>
        <td colspan="2" align="left" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">Net&nbsp;increase
          (decrease) in cash and cash equivalents</font></strong></td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">(18.0)</font></strong></td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">(206.3)</font></strong></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr>
        <td colspan="2" align="left" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">Cash&nbsp;and
          cash equivalents at the beginning of the period</font></strong></td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">656.0</font>
          </strong> <hr size="1" noshade> </td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">862.3</font>
          </strong> <hr size="1" noshade> </td>
      </tr>
      <tr>
        <td colspan="2" align="left" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">Cash&nbsp;and
          cash equivalents at the end of the period</font></strong></td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">637.9</font>
          </strong> <hr size="2" noshade> </td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">656.0</font>
          </strong> <hr size="2" noshade> </td>
      </tr>
      <tr>
        <td colspan="2" align="left" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Supplemental
          disclosure of cash flow information</font></strong></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Cash
          paid for interest (C)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">46.6&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">38.3&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Cash
          paid for taxes on income (C)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">52.3&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">20.6&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Supplier
          financing of acquisition of property, plant and equipment</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">2.8&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">-&nbsp;</font></td>
      </tr>
      <tr align="left" valign="top">
        <td>&nbsp;</td>
        <td colspan="3">&nbsp;</td>
      </tr>
      <tr align="left" valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">(A)</font></td>
        <td colspan="3"><font size="1" face="Arial, Helvetica, sans-serif">Not
          including financial income. Comprised basically of financial expenses,
          in particular, exchange variations.</font></td>
      </tr>
      <tr align="left" valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">(B)</font></td>
        <td colspan="3"><font size="1" face="Arial, Helvetica, sans-serif">Including
          dividends paid by Ultrapar and its subsidiaries.</font></td>
      </tr>
      <tr align="left" valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">(C)</font></td>
        <td colspan="3"><font size="1" face="Arial, Helvetica, sans-serif">Included
          in cash flow from operating activities.</font></td>
      </tr>
      <tr align="left" valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">(D)</font></td>
        <td colspan="3"><font size="1" face="Arial, Helvetica, sans-serif">Included
          ICMS on the Property, plant and equipment according to Law Complemental
          no. 102/2000.</font></td>
      </tr>
    </table>

    <p align="center"><font size="2" face="Arial, Helvetica, sans-serif">15</font></p>
    <hr>
    <table width="95%" border="0" cellspacing="5" cellpadding="0">
      <tr align="center">
        <td colspan="4"><font size="2" face="Arial, Helvetica, sans-serif"><strong>ULTRAGAZ
          PARTICIPA&Ccedil;&Ouml;ES S.A.</strong></font></td>
      </tr>
      <tr align="center">
        <td colspan="4"><font size="2" face="Arial, Helvetica, sans-serif"><strong>CONSOLIDATED
          BALANCE SHEET</strong></font></td>
      </tr>
      <tr>
        <td colspan="4" align="center"><font face="Arial, Helvetica, sans-serif">&nbsp;</font><strong><font size="2" face="Arial, Helvetica, sans-serif">In
          millions of reais - Corporate law</font></strong><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td colspan="3" align="center"><hr> <strong><font size="2" face="Arial, Helvetica, sans-serif">QUARTERS
          ENDED IN</font></strong> <hr></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">SEP</font></strong>
          <hr></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2001</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif"><strong>OPERATING
          ASSETS</strong></font></td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade
          accounts receivable</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">138.9</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">88.4</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">121.8</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">13.1</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">14.8</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">13.2</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">70.7</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">64.7</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">65.1</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property,
          plant &amp; equipment</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">365.4</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">333.3</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">346.4</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
          charges</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">76.5</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">67.6</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">73.6</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><strong><font size="2" face="Arial, Helvetica, sans-serif">TOTAL OPERATING
          ASSETS</font></strong></td>
        <td align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">664.6</font></strong>
          <hr size="2" noshade></td>
        <td align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">568.8</font></strong>
          <hr size="2" noshade></td>
        <td align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">620.1</font></strong>
          <hr size="2" noshade></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><strong><font size="2" face="Arial, Helvetica, sans-serif">OPERATING
          LIABILITIES</font></strong></td>
        <td align="right">&nbsp;</td>
        <td align="right">&nbsp;</td>
        <td align="right">&nbsp;</td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suppliers</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">45.5</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">53.9</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">34.5</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries
          and related contributions</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">27.7</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">22.6</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">25.8</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.7</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.9</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.2</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
          accounts payable</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.3</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.8</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.3</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><strong><font size="2" face="Arial, Helvetica, sans-serif">TOTAL OPERATING
          LIABILITIES</font></strong></td>
        <td align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">77.2</font></strong>
          <hr size="2" noshade></td>
        <td align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">79.2</font></strong>
          <hr size="2" noshade></td>
        <td align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">62.8</font></strong>
          <hr size="2" noshade></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
      </tr>
    </table>
    <p align="center"><font size="2" face="Arial, Helvetica, sans-serif">16</font></p>
    <hr>
    <table width="95%" border="0" cellspacing="5">
      <tr>
        <td colspan="6" align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">CONSOLIDATED
          STATEMENT OF INCOME</font></strong></td>
      </tr>
      <tr>
        <td colspan="6" align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">In
          millions of reais- Corporate law</font></strong></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td colspan="3" align="center"><hr> <strong><font size="2" face="Arial, Helvetica, sans-serif">QUARTERS
          ENDED IN</font></strong> <hr></td>
        <td colspan="2" align="center"><hr> <strong><font size="2" face="Arial, Helvetica, sans-serif">ACCUMULATED</font></strong>
          <hr></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">SEP</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2001</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2001</font></strong>
          <hr></td>
      </tr>

      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Net sales</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">554.3&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">365.2&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">525.9&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,942.7&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,381.1&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Cost
          of goods sold</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(470.2)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(288.8)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(421.9)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,585.1)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,105.2)</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Gross profit</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">84.1&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">76.4&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">104.0&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">357.6&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">275.9&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Operating
          expenses</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(27.5)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(20.8)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(17.5)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(76.6)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(66.1)</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
          and administrative</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(18.6)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(12.9)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(15.8)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(64.5)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(49.4)</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
          and amortization</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(19.6)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(17.5)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(19.4)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(76.7)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(61.9)</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Other
          operating results</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.9&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.5&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.0&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">3.2&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.7&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">EBIT</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">19.3&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">25.7&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">52.3&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">143.0&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">101.2&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">EBITDA</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">38.9&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">43.2&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">71.7&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">219.8&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">163.1&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Depreciation and
          amortization</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">19.6&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">17.5&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">19.4&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">76.8&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">61.9&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td>&nbsp;</td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif"><strong>&nbsp;RATIOS</strong></font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Operating
          margin</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">3%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">7%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">10%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">7%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">7%</font></td>
      </tr>

    </table>
    <p align="center"><font size="2" face="Arial, Helvetica, sans-serif">17</font></p>
<hr>
    <table width="95%" border="0" cellspacing="5" cellpadding="0">
      <tr>
        <td colspan="4" align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;OXITENO
          S.A - IND&Uacute;STRIAE COM&Eacute;RCIO</font></strong></td>
      </tr>
      <tr>
        <td colspan="4" align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;CONSOLIDATED
          BALANCE SHEET&nbsp;&nbsp;</font></strong></td>
      </tr>
      <tr>
        <td colspan="4" align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;In
          millions of reais - Corporate law&nbsp;&nbsp;</font></strong></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td colspan="3" align="center"><hr> <strong><font size="2" face="Arial, Helvetica, sans-serif">QUARTERS
          ENDED IN</font></strong> <hr></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">SEP</font></strong>
          <hr></td>
      </tr>
      <tr>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2001</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif"><strong>OPERATING
          ASSETS</strong></font></td>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Trade
          accounts receivable</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">117.3</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">50.2</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">113.3</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Inventories</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">91.6</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">78.5</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">77.6</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Other</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">28.4</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">27.8</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">22.5</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Property,
          plant &amp; equipment</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">315.8</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">299.5</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">311.6</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Deferred
          charges</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">5.8</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">2.8</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">4.9</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">TOTAL
          OPERATING ASSETS</font></strong></td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">558.9</font></strong>
          <hr size="2" noshade></td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">458.8</font></strong>
          <hr size="2" noshade></td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">529.9</font></strong>
          <hr size="2" noshade></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">OPERATING
          LIABILITIES</font></strong></td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></strong></td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></strong></td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></strong></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Suppliers</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">55.2</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">31.6</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">30.3</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Salaries
          and related contributions</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">30.6</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">23.7</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">23.2</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Taxes</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">4.8</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">2.4</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">6.5</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Other
          accounts payable</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">16.2</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">17.4</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">15.5</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">TOTAL
          OPERATING LIABILITIES</font></strong></td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">106.8</font></strong>
          <hr size="2" noshade></td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">75.1</font></strong>
          <hr size="2" noshade></td>
        <td align="right" valign="top"><strong><font size="2" face="Arial, Helvetica, sans-serif">75.5</font></strong>
          <hr size="2" noshade></td>
      </tr>
    </table>
    <p align="center"><font size="2" face="Arial, Helvetica, sans-serif">18</font></p>
    <hr>
    <table width="95%" border="0" cellspacing="5" cellpadding="0">
      <tr>
        <td colspan="6" align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">CONSOLIDATED
          STATEMENT OF INCOME</font></strong></td>
      </tr>
      <tr>
        <td colspan="6" align="center"><font face="Arial, Helvetica, sans-serif">&nbsp;</font><strong><font size="2" face="Arial, Helvetica, sans-serif">In
          millions of reais</font></strong><strong><font size="2" face="Arial, Helvetica, sans-serif">-
          Corporate law</font></strong><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td colspan="3" align="center"><hr> <strong><font size="2" face="Arial, Helvetica, sans-serif">QUARTERS
          ENDED IN</font></strong> <hr></td>
        <td colspan="2" align="center"><hr> <strong><font size="2" face="Arial, Helvetica, sans-serif">ACCUMULATED</font></strong>
          <hr></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">SEP</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2001</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2001</font></strong>
          <hr></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Net
          sales</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">323.9&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">206.5&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">281.6&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">956.1&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">832.2&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Cost
          of goods sold</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(172.2)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(112.9)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(145.4)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(517.0)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(465.0)</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(12.9)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(17.7)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(21.2)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(68.6)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(71.6)</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
          and amortization</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(7.4)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(7.0)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(7.4)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(29.2)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(27.2)</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Gross
          profit</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">131.4&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">68.9&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">107.6&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">341.3&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">268.4&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Operating
          expenses</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(18.3)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(18.8)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(14.7)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(53.6)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(53.9)</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
          and administrative</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(27.9)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(18.4)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(21.1)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(85.2)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(66.9)</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
          and amortization</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(0.9)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(0.7)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(1.1)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(3.6)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(2.9)</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Other
          operating results</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">0.1&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">-&nbsp;&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">(0.5)</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">0.9&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">2.0&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">EBIT&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">84.4&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">31.0&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">70.2&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">199.8&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">146.7&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">EBITDA&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">92.7&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">38.6&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">78.7&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">232.6&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">176.8&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">Depreciation
          and amortization</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">8.3&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">7.6&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">8.5&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">32.8&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">30.1&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif"><strong>RATIOS&nbsp;</strong></font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Operating
          margin</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">26%</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">15%</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">25%</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">21%</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">18%</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;EBITDA
          margin</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">29%</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">19%</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">28%</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">24%</font></td>
        <td align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">21%</font></td>
      </tr>

    </table>
    <p align="center"><font size="2" face="Arial, Helvetica, sans-serif">19</font></p>
        <hr>
    <table width="95%" border="0" cellspacing="5" cellpadding="0">
      <tr align="center" valign="top">
        <td colspan="4"><font size="2" face="Arial, Helvetica, sans-serif"><strong>ULTRACARGO
          PARTICIPA&Ccedil;&Ouml;ES LTDA.</strong></font></td>
      </tr>
      <tr valign="top">
        <td colspan="4" align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;CONSOLIDATED
          BALANCE SHEET&nbsp;&nbsp;</font></strong></td>
      </tr>
      <tr valign="top">
        <td colspan="4" align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;In
          millions of reais - Corporate law&nbsp;&nbsp;</font></strong></td>
      </tr>
      <tr valign="top">
        <td width="67%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td colspan="3" align="center"><hr> <strong><font size="2" face="Arial, Helvetica, sans-serif">QUARTERS
          </font></strong><strong><font size="2" face="Arial, Helvetica, sans-serif">ENDED
          </font></strong><strong><font size="2" face="Arial, Helvetica, sans-serif">IN</font></strong>
          <hr></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td width="12%" align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr></td>
        <td width="11%" align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr></td>
        <td width="10%" align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">SEP</font></strong>
          <hr></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2001</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">OPERATING ASSETS</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade
          accounts receivable&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">17.4</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">12.3</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">14.4</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.5</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.2</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.4</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.8</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.3</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.3</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property,
          plant &amp; equipment</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">84.5</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">60.7</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">82.6</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
          charges</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.1</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.3</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.5</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><strong><font size="2" face="Arial, Helvetica, sans-serif">TOTAL OPERATING
          ASSETS</font></strong></td>
        <td align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">106.3</font></strong>
          <hr size="2" noshade></td>
        <td align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">75.8</font></strong>
          <hr size="2" noshade></td>
        <td align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">100.2</font></strong>
          <hr size="2" noshade></td>
      </tr>
      <tr valign="top">
        <td><strong><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></strong></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif"><strong>OPERATING
          LIABILITIES</strong></font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suppliers</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">5.6</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.3</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.9</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries
          and related contributions</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">5.8</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">3.9</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.8</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">3.4</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.8</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">3.0</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
          accounts payable</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.2</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.2</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">-</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><strong><font size="2" face="Arial, Helvetica, sans-serif">TOTAL OPERATING
          LIABILITIES</font></strong></td>
        <td align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">15.0</font></strong>
          <hr size="2" noshade></td>
        <td align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">11.2</font></strong>
          <hr size="2" noshade> </td>
        <td align="right"><strong><font size="2" face="Arial, Helvetica, sans-serif">12.7</font></strong>
          <hr size="2" noshade></td>
      </tr>
    </table>
    <p align="center"><font size="2" face="Arial, Helvetica, sans-serif">20</font></p>
        <hr>
    <table width="95%" border="0" cellspacing="5" cellpadding="0">
      <tr valign="top">
        <td colspan="6" align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">CONSOLIDATED
          STATEMENT OF INCOME</font></strong></td>
      </tr>
      <tr valign="top">
        <td colspan="6" align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">In
          millions of reais- Corporate law</font></strong></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td colspan="3" align="center"><hr> <strong><font size="2" face="Arial, Helvetica, sans-serif">QUARTERS
          ENDED IN</font></strong> <hr></td>
        <td colspan="2" align="center"><hr> <strong><font size="2" face="Arial, Helvetica, sans-serif">ACCUMULATED</font></strong>
          <hr></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC&nbsp;</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC&nbsp;</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">SEP&nbsp;</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC&nbsp;</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC&nbsp;</font></strong>
          <hr></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2001</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr></td>
        <td align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">2001</font></strong>
          <hr></td>

      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Net sales&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">38.9&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">28.8&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">34.7&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">131.4&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">105.3&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Cost
          of sales&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(25.3)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(17.6)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(22.1)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(82.8)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(63.0)</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Gross profit&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">13.6&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">11.2&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">12.6&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">48.6&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">42.3&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Operating
          expenses&nbsp;</font></td>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">-&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">-&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">-&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">-&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">-&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
          and administrative&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(10.0)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(6.3)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(7.3)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(30.7)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(23.4)</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
          and amortization</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(0.2)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(0.2)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(0.2)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(0.8)</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">(0.6)</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Other
          operating results</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.2&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.1&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.1&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.6&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">9.1&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">EBIT&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">3.6&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.8&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">5.2&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">17.7&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">27.4&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">EBITDA&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">7.0&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">7.2&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">8.3&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">29.3&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">28.3&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Depreciation and
          amortization</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">3.4&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.4&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">3.1&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">11.6&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">9.6&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif"><strong>RATIOS&nbsp;</strong></font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Operating margin&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">9%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">17%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">15%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">13%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">26%</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">EBTIDA margin&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">18%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">25%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">24%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">22%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">27%</font></td>
      </tr>
    </table>
    <p align="center"><font size="2" face="Arial, Helvetica, sans-serif">21</font></p>
    <hr>
    <table width="95%" border="0" cellspacing="5" cellpadding="0">
      <tr valign="top">
        <td colspan="7" align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">ULTRAPAR
          PARTICIPA&Ccedil;&Ouml;ES S/A</font></strong></td>
      </tr>
      <tr align="center" valign="top">
        <td colspan="7"><font size="2" face="Arial, Helvetica, sans-serif"><strong>CONSOLIDATED
          INCOME STATEMENT</strong></font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td colspan="7" align="center"><strong><font size="2" face="Arial, Helvetica, sans-serif">Corporate
          law</font></strong></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td colspan="3" align="center"><hr>
          <strong><font size="2" face="Arial, Helvetica, sans-serif">QUARTERS
          ENDED IN</font></strong>
          <hr></td>
        <td colspan="2" align="center"><hr>
          <strong><font size="2" face="Arial, Helvetica, sans-serif">ACCUMULATED</font></strong>
          <hr></td>
      </tr>
      <tr align="center" valign="top">
        <td>&nbsp;</td>
        <td><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr></td>
        <td><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr></td>
        <td><strong><font size="2" face="Arial, Helvetica, sans-serif">SEP</font></strong>
          <hr></td>
        <td><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr></td>
        <td><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong>
          <hr></td>
      </tr>
      <tr align="center" valign="top">
        <td><strong><font size="2" face="Arial, Helvetica, sans-serif">(US$
          millions)</font></strong></td>
        <td><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr></td>
        <td><strong><font size="2" face="Arial, Helvetica, sans-serif">2001</font></strong>
          <hr></td>
        <td><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr></td>
        <td><strong><font size="2" face="Arial, Helvetica, sans-serif">2002</font></strong>
          <hr></td>
        <td><strong><font size="2" face="Arial, Helvetica, sans-serif">2001</font></strong>
          <hr></td>
      </tr>


      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif"><strong>Net sales</strong></font></td>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Ultrapar&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">247.3&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">232.0&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">266.2&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,025.1&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">972.0&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Ultragaz&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">151.1&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">143.2&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">168.1&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">665.0&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">587.6&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Oxiteno&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">88.3&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">81.0&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">90.0&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">327.3&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">354.0&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Ultracargo&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">10.6&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">11.3&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">11.1&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">45.0&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">44.8&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif"><strong>EBIT&nbsp;</strong></font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Ultrapar&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">29.5&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">24.6&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">41.2&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">125.2&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">118.7&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Ultragaz&nbsp;&nbsp;</font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">5.3&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">10.1&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">16.7&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">49.0&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">43.1&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Oxiteno&nbsp;&nbsp;</font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">23.0&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">12.2&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">22.4&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">68.4&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">62.4&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Ultracargo&nbsp;&nbsp;</font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.0&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.9&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.7&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">6.1&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">11.7&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif"><strong>Operating
          margin&nbsp;&nbsp;</strong></font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Ultrapar&nbsp;&nbsp;</font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">12%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">11%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">15%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">12%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">12%</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Ultragaz&nbsp;&nbsp;</font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">4%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">7%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">10%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">7%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">7%</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Oxiteno&nbsp;&nbsp;</font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">26%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">15%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">25%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">21%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">18%</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Ultracargo&nbsp;&nbsp;</font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">9%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">17%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">15%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">13%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">26%</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif"><strong>EBITDA&nbsp;</strong></font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Ultrapar&nbsp;&nbsp;</font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">38.1&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">35.5&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">51.2&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">166.8&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">158.5&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Ultragaz&nbsp;&nbsp;</font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">10.6&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">16.9&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">22.9&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">75.2&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">69.4&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Oxiteno&nbsp;&nbsp;</font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">25.3&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">15.1&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">25.2&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">79.6&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">75.2&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Ultracargo&nbsp;&nbsp;</font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.9&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.8&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.7&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">10.0&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">12.0&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif"><strong>EBITDA
          margin&nbsp;&nbsp;</strong></font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Ultrapar&nbsp;&nbsp;</font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">15%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">15%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">19%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">16%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">16%</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Ultragaz&nbsp;&nbsp;</font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">7%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">12%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">14%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">11%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">12%</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Oxiteno&nbsp;&nbsp;</font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">29%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">19%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">28%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">24%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">21%</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Ultracargo&nbsp;&nbsp;</font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">18%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">25%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">24%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">22%</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">27%</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif"><strong>Net income&nbsp;&nbsp;</strong></font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Ultrapar&nbsp;&nbsp;</font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">29.4&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">9.8&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">15.2&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">76.1&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">56.3&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="2" face="Arial, Helvetica, sans-serif">Net income/1000
          shares (US$)</font></td>

        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.42&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.18&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.22&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.17&nbsp;&nbsp;</font></td>
        <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.06&nbsp;&nbsp;</font></td>
      </tr>

    </table>
    <p align="center"><font size="2" face="Arial, Helvetica, sans-serif">22</font></p>
        <hr>
    <table width="95%" border="0" cellspacing="5" cellpadding="0">
      <tr>
        <td width="7%">&nbsp;</td>
      </tr>
      <tr valign="top">
        <td colspan="12" align="center"><strong><font size="1" face="Arial, Helvetica, sans-serif">ULTRAPAR
          PARTICIPA&Ccedil;&Ouml;ES S/A</font></strong></td>
      </tr>
      <tr align="center" valign="top">
        <td colspan="12"><strong><font size="1" face="Arial, Helvetica, sans-serif">LOANS,
          CASH AND MARKETABLE SECURITIES</font></strong></td>
      </tr>
      <tr valign="top">
        <td colspan="12" align="center"><strong><font size="1" face="Arial, Helvetica, sans-serif">In
          millionsof reais-Corporate law</font></strong></td>
      </tr>
      <tr valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td colspan="2" align="center" valign="bottom"><strong><font size="1" face="Arial, Helvetica, sans-serif">Loans</font></strong></td>
        <td colspan="6" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;<strong>Balance
          in December/2002&nbsp;&nbsp;</strong></font> <hr></td>
        <td width="7%" rowspan="3" align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif"><strong>Index/<br>
          Currency (*)</strong></font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td width="5%" colspan="2" rowspan="2" align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif"><strong>Interest
          Rate %</strong></font><strong></strong><strong></strong></td>
        <td width="18%" rowspan="3" align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif"><strong>Maturity
          and<br>
          Amortization Schedule</strong></font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td colspan="2"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td width="5%"><strong><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></strong></td>
        <td width="6%"><strong><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></strong></td>
        <td width="9%"><strong><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></strong></td>
        <td width="9%" rowspan="2" valign="bottom"><strong><font size="1" face="Arial, Helvetica, sans-serif">Ultrapar<br>
          Holding</font></strong></td>
        <td width="6%"><strong><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></strong></td>
        <td width="7%" rowspan="2" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif"><strong>Ultrapar<br>
          Consolidated</strong></font></td>
      </tr>
      <tr valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td width="16%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><strong><font size="1" face="Arial, Helvetica, sans-serif">Ultragaz</font></strong></td>
        <td><strong><font size="1" face="Arial, Helvetica, sans-serif">Oxiteno</font></strong></td>
        <td><strong><font size="1" face="Arial, Helvetica, sans-serif">Ultracargo</font></strong></td>
        <td><strong><font size="1" face="Arial, Helvetica, sans-serif">Other</font></strong></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;<strong><font size="1" face="Arial, Helvetica, sans-serif">Minimum</font></strong></font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;<strong><font size="1" face="Arial, Helvetica, sans-serif">Maximum</font></strong></font></td>
      </tr>
      <tr valign="top">
        <td colspan="2"><font size="1" face="Arial, Helvetica, sans-serif"><strong>Foreign
          Currency&nbsp;</strong></font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td colspan="2"><font size="1" face="Arial, Helvetica, sans-serif">International
          Finance Corporation</font><font size="1" face="Arial, Helvetica, sans-serif">-
          IFC</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">17.7</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">17.7</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">US$</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">9.4</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">9.4</font></td>
        <td align="center"><font size="1" face="Arial, Helvetica, sans-serif">Semi-annually
          until 2003</font></td>
      </tr>
      <tr valign="top">
        <td colspan="2"><font size="1" face="Arial, Helvetica, sans-serif">Syndicated
          loan</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">212.5</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">212.5</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">US$</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">7.2</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">7.2</font></td>
        <td align="center"><font size="1" face="Arial, Helvetica, sans-serif">Semi-annually
          until 2004</font></td>
      </tr>
      <tr valign="bottom">
        <td colspan="2"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;Financings
          of Inventories and Property</font><font size="1" face="Arial, Helvetica, sans-serif">Plant
          &amp; Equipment</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">1.5</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">2.3</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">3.8</font></td>
        <td align="center"><font size="1" face="Arial, Helvetica, sans-serif">US$</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">1.8</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">6.0</font></td>
        <td align="center"><font size="1" face="Arial, Helvetica, sans-serif">Semi-annually
          and Anually until 2003</font></td>
      </tr>
      <tr valign="bottom">
        <td colspan="2"><font size="1" face="Arial, Helvetica, sans-serif">Export
          prepayment, net of linked </font><font size="1" face="Arial, Helvetica, sans-serif">operations</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">23.2</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">23.2</font></td>
        <td align="center"><font size="1" face="Arial, Helvetica, sans-serif">US$</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">8.0</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">16.3</font></td>
        <td align="center"><font size="1" face="Arial, Helvetica, sans-serif">Semi-annually
          and Anually until 2003</font></td>
      </tr>
      <tr valign="top">
        <td colspan="2"><font size="1" face="Arial, Helvetica, sans-serif">National
          Bank for Economic</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td colspan="2"><font size="1" face="Arial, Helvetica, sans-serif">and
          Social Development - BNDES </font><font size="1" face="Arial, Helvetica, sans-serif">-
          Exim</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">17.8</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">17.8</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">US$</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">5.3</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">5.3</font></td>
        <td align="center"><font size="1" face="Arial, Helvetica, sans-serif">Quarterly
          up to 2003</font></td>
      </tr>
      <tr valign="bottom">
        <td colspan="2"><font size="1" face="Arial, Helvetica, sans-serif">Advances
          on Foreign Exchange</font><font size="1" face="Arial, Helvetica, sans-serif">Contracts</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">73.9</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">73.9</font></td>
        <td align="center"><font size="1" face="Arial, Helvetica, sans-serif">US$</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">3.0</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">10.5</font></td>
        <td align="center"><font size="1" face="Arial, Helvetica, sans-serif">Maximum
          of 219 days</font></td>
      </tr>
      <tr valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td>&nbsp;</td>
        <td><font size="1" face="Arial, Helvetica, sans-serif"><strong>&nbsp;Subtotal</strong></font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">214.0</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">134.9</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">348.9</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td colspan="2"><font size="1" face="Arial, Helvetica, sans-serif"><strong>Local
          Currency&nbsp;</strong></font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td colspan="2" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">National
          Bank for Economic</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">107.7</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">67.2</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">7.1</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">182.0</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">TJLP
          or IGP-M</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">1.5</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">6.5</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">Monthly,
          quarterly and semi-annually until</font></td>
      </tr>
      <tr valign="top">
        <td colspan="2" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">and
          Social Development -</font><font size="1" face="Arial, Helvetica, sans-serif">BNDES</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">24.2</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">3.3</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">1.4</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">28.9</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">UMBNDES</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">10.6</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">12.5</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">Monthly
          until 2007</font></td>
      </tr>
      <tr valign="top">
        <td colspan="2" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">Agency
          for Financing Machinery and</font><font size="1" face="Arial, Helvetica, sans-serif">Equipment
          (FINAME)</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">4.9</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">4.6</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">14.2</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">23.7</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">TJLP</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">1.8</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">4.4</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">Monthly
          until 2007</font></td>
      </tr>
      <tr valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="bottom">
        <td >&nbsp;</td>
        <td align="center"><font size="1" face="Arial, Helvetica, sans-serif"><strong>&nbsp;Subtotal</strong></font></td>
        <td align="right"><strong><font size="1" face="Arial, Helvetica, sans-serif">136.8</font></strong></td>
        <td align="right"><strong><font size="1" face="Arial, Helvetica, sans-serif">75.1</font></strong></td>
        <td align="right"><strong><font size="1" face="Arial, Helvetica, sans-serif">22.7</font></strong></td>
        <td align="right"><strong><font size="1" face="Arial, Helvetica, sans-serif">-</font></strong></td>
        <td align="right"><strong><font size="1" face="Arial, Helvetica, sans-serif">-</font></strong></td>
        <td align="right"><strong><font size="1" face="Arial, Helvetica, sans-serif">234.6</font></strong></td>
        <td align="center" valign="bottom"><strong><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></strong></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="center"><font size="1" face="Arial, Helvetica, sans-serif"><strong>Total</strong></font></td>
        <td align="right"><strong><font size="1" face="Arial, Helvetica, sans-serif">350.8</font></strong></td>
        <td align="right"><strong><font size="1" face="Arial, Helvetica, sans-serif">210.0</font></strong></td>
        <td align="right"><strong><font size="1" face="Arial, Helvetica, sans-serif">22.7</font></strong></td>
        <td align="right"><strong><font size="1" face="Arial, Helvetica, sans-serif">-</font></strong></td>
        <td align="right"><strong><font size="1" face="Arial, Helvetica, sans-serif">-</font></strong></td>
        <td align="right"><strong><font size="1" face="Arial, Helvetica, sans-serif">583.5</font></strong></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td colspan="2"><strong><font size="1" face="Arial, Helvetica, sans-serif">Composition
          per Annum&nbsp;</font></strong></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td>&nbsp;</td>
        <td valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">Up
          to 1</font><font size="1" face="Arial, Helvetica, sans-serif">Year</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">46.1</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">167.5</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">6.2</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">219.8</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td>&nbsp;</td>
        <td valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">From
          1 to 2</font><font size="1" face="Arial, Helvetica, sans-serif"> Years</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">252.5</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">14.5</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">6.3</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">273.3</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td>&nbsp;</td>
        <td valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">From
          2 to 3 </font><font size="1" face="Arial, Helvetica, sans-serif">Years</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">26.8</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">11.7</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">4.6</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">43.1</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td>&nbsp;</td>
        <td valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">From
          3 to 4</font><font size="1" face="Arial, Helvetica, sans-serif">Years</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">19.9</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">8.9</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">3.7</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">32.5</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td>&nbsp;</td>
        <td valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">From
          4 to 5 Years</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">5.5</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">5.6</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">1.9</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">13.0</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td>&nbsp;</td>
        <td valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">From
          5 to 6 Years</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">1.8</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">-</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">1.8</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="center"><strong><font size="1" face="Arial, Helvetica, sans-serif">Total</font></strong></td>
        <td align="right"><strong><font size="1" face="Arial, Helvetica, sans-serif">350.8</font></strong></td>
        <td align="right"><strong><font size="1" face="Arial, Helvetica, sans-serif">210.0</font></strong></td>
        <td align="right"><strong><font size="1" face="Arial, Helvetica, sans-serif">22.7</font></strong></td>
        <td align="right"><strong><font size="1" face="Arial, Helvetica, sans-serif">-</font></strong></td>
        <td align="right"><strong><font size="1" face="Arial, Helvetica, sans-serif">-</font></strong></td>
        <td align="right"><strong><font size="1" face="Arial, Helvetica, sans-serif">583.5</font></strong></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td colspan="12"><font size="1" face="Arial, Helvetica, sans-serif">(*)
          TJLP - Long Term Interest</font><font size="1" face="Arial, Helvetica, sans-serif">Rate
          /</font><font size="1" face="Arial, Helvetica, sans-serif">IGPM - Market</font><font size="1" face="Arial, Helvetica, sans-serif">General
          Price</font><font size="1" face="Arial, Helvetica, sans-serif">Index
          / UMBNDES -</font><font size="1" face="Arial, Helvetica, sans-serif">BNDES
          Basket of</font><font size="1" face="Arial, Helvetica, sans-serif">Currencies</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font>
          <hr size="1" noshade></td>
      </tr>
      <tr valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td colspan="6" align="center"><font size="1" face="Arial, Helvetica, sans-serif"><strong>&nbsp;&nbsp;Balance
          in December/2002&nbsp;&nbsp;</strong></font> <hr noshade></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td rowspan="2" align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">Ultrapar<br>
          </font><font size="1" face="Arial, Helvetica, sans-serif">Holding</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td rowspan="2" align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">Ultrapar<br>
          </font><font size="1" face="Arial, Helvetica, sans-serif">Consolidated</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">Ultragaz</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">Oxiteno</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">Ultracargo</font></td>
        <td align="center" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">Other</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td colspan="2" align="center"><font size="1" face="Arial, Helvetica, sans-serif"><strong>Cash
          and marketable securities</strong></font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">118.2</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">392.8</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">21.9</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">79.0</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">26.0</font></td>
        <td align="right" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif">637.9</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>

    </table>
    <p align="center"><font size="2" face="Arial, Helvetica, sans-serif">23</font></p>
        <br>
<br>
<hr>
    <p align="right"><font size="3" face="Arial, Helvetica, sans-serif">Item 2</font></p>

<table width="95%" border="0" cellspacing="8" cellpadding="0">
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif"><B><FONT color="#000000">FEDERAL
      GOVERNMENT SERVICE </FONT></B><FONT color="#000000"><BR>
      </FONT><B><FONT color="#000000">BRAZILIAN SECURITIES COMMISSION (CVM) </FONT></B><B><FONT color="#000000"><BR>
      </FONT></B><B><FONT color="#000000">STANDARDS-FORMS FINANCIAL STATEMENTS<BR>
      COMMERCIAL, INDUSTRIAL AND OTHER<BR>
      </FONT></B></font></td>
    <td align="right" valign="top"><FONT color="#000000" size="2" face="Times New Roman, Times, serif">Corporate
      Legislation</FONT><font size="2" face="Times New Roman, Times, serif"><br>
      <B><FONT color="#000000">December 31, 2002</FONT></B> </font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="95%" border="1" cellspacing="0" cellpadding="0">
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif"><B><FONT color="#000000">REGISTRATION
      WITH CVM SHOULD NOT BE CONSTRUED AS NA APPRECIATION ON THE COMPANY. COMPANY
      MANAGEMENT IS RESPONSIBLE FOR THE INFORMATION PROVIDED. </FONT></B></font></td>
  </tr>
</table>
<P

><font size="2" face="Times New Roman, Times, serif"><B><FONT color="#000000">
  </FONT></B></font></P
>
<DIV class="Part"

>
  <H1
  align="left"
><font size="2" face="Times New Roman, Times, serif"><B><FONT color="#000000">01.01
    &#150; IDENTIFICATION </FONT></B></font></H1
>
  <table width="95%" border="1" cellspacing="0" cellpadding="0">
    <tr>
      <td><strong><font size="2" face="Times New Roman, Times, serif">1 &#150;
        CVM Code</font></strong></td>
      <td><strong><font size="2" face="Times New Roman, Times, serif">2 &#150;
        Company Name</font></strong></td>
      <td><strong><font size="2" face="Times New Roman, Times, serif">3 &#150;
        General Taxpayers' Registration Number &#150; CNPJ</font></strong></td>
    </tr>
    <tr>
      <td><font size="2" face="Times New Roman, Times, serif">01846&#150;5</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES
        S.A.</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">33.256.439/0 001&#150;39</font></td>
    </tr>
    <tr>
      <td colspan="3"><font size="2" face="Times New Roman, Times, serif">4 &#150;
        Registration Number &#150; NIRE</font><font size="2" face="Times New Roman, Times, serif"><br>
        &nbsp;</font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, serif">35.300.109.724</font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
  </table>
  <P

><FONT color="#000000" size="2" face="Times New Roman, Times, serif"> </FONT></P
>
</DIV
>
<DIV class="Part"

>
  <H1
  align="left
  "
><font size="2" face="Times New Roman, Times, serif"><B><FONT color="#000000">01.02
    -HEAD OFFICE </FONT></B></font></H1
>

  <table width="95%" border="1" cellspacing="0" cellpadding="0">
    <tr>
      <td colspan="2"><font size="2" face="Times New Roman, Times, serif">1 -
        FULL ADDRESS<br>
        Av. Brigadeiro Luiz Antonio, 1343 9th floor</font></td>
      <td colspan="3"><font size="2" face="Times New Roman, Times, serif">2 -
        SUBURB OR DISTRICT<br>
        Bela Vista</font></td>
    </tr>
    <tr>
      <td colspan="2"><font size="2" face="Times New Roman, Times, serif">3 -
        ZIP CODE<br>
        01317-910 </font></td>
      <td colspan="2"><font size="2" face="Times New Roman, Times, serif">4 -
        MUNICIPALITY<br>
        Sao Paulo</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">5 - STATE<br>
        SP </font></td>
    </tr>
    <tr align="left" valign="top">
      <td><font size="2" face="Times New Roman, Times, serif">6 - AREA CODE<br>
        55 11</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">7 - TELEPHONE<br>
        3177-6513 </font></td>
      <td><font size="2" face="Times New Roman, Times, serif">8 - TELEPHONE<br>
        3177-6764</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">9 - TELEPHONE<br>
        3177-6475</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">10 - TELEX</font></td>
    </tr>
    <tr align="left" valign="top">
      <td><font size="2" face="Times New Roman, Times, serif">11 - AREA CODE<br>
        55 11 </font></td>
      <td><font size="2" face="Times New Roman, Times, serif">12 - FAX<br>
        3177-6107 </font></td>
      <td><font size="2" face="Times New Roman, Times, serif">13 - FAX</font><br>
        <font size="2" face="Times New Roman, Times, serif">3177-6246 </font>
      </td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;14 - FAX</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr align="left" valign="top">
      <td colspan="5"><font size="2" face="Times New Roman, Times, serif">15 -
        E-MAIL<br>
        invest@ultra.com.br</font></td>
    </tr>
  </table>
  <P
  align="justify"
>&nbsp;</P
>
  </DIV
>
<DIV class="Part"

>
  <H1
  align="left"
><font size="2" face="Times New Roman, Times, serif"><B><FONT color="#000000">01.03
    &#150; DIRECTOR OF INVESTORS RELATIONS (Address for correspondence with company)
    </FONT></B></font></H1
>
  <table width="95%" border="1" cellspacing="0" cellpadding="0">
    <tr align="left" valign="top">
      <td width="29%"><font size="2" face="Times New Roman, Times, serif">1 - NAME<br>
        Fabio Schvartsman</font></td>
      <td colspan="4"><font size="2" face="Times New Roman, Times, serif">2 -
        FULL ADDRESS<br>
        Av. Brigadeiro Luiz Antonio, 1343 9<sup>th</sup> floor</font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr align="left" valign="top">
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;3 - SUBURB
        OR DISTRICT<br>
        Bela Vista </font></td>
      <td width="22%"><font size="2" face="Times New Roman, Times, serif">&nbsp;4 - ZIP CODE<br>
        01317-910</font></td>
      <td colspan="2"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, serif">&nbsp;5
        - MUNICIPALITY<br>
        Sao Paolo</font></td>
      <td width="16%"><font size="2" face="Times New Roman, Times, serif">6 - STATE<br>
        SP </font></td>
    </tr>
    <tr align="left" valign="top">
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;7 - AREA CODE<br>
        55 11 </font></td>
      <td><font size="2" face="Times New Roman, Times, serif">8 - TELEPHONE<br>
        3177-6482 </font></td>
      <td width="18%"><font size="2" face="Times New Roman, Times, serif">9 - TELEPHONE<br>
        </font></td>
      <td width="15%"><font size="2" face="Times New Roman, Times, serif">&nbsp;10
        - TELEPHONE</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">11 - TELEX</font></td>
    </tr>
    <tr align="left" valign="top">
      <td height="45"><font size="2" face="Times New Roman, Times, serif">12 -
        AREA CODE<br>
        55 11 </font></td>
      <td><font size="2" face="Times New Roman, Times, serif">13 - FAX<br>
        3287-1931 </font></td>
      <td><font size="2" face="Times New Roman, Times, serif">14 - FAX<br>
        </font></td>
      <td><font size="2" face="Times New Roman, Times, serif">15 - FAX</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr align="left" valign="top">
      <td><font size="2" face="Times New Roman, Times, serif">16 - E-MAIL<br>
        fabiosch@ultra.com.br </font></td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
  </table>
  <H1 align="left"><b><font color="#000000" size="2" face="Times New Roman, Times, serif"></font></b></H1>
  <H1 align="left"><font face="Times New Roman, Times, serif"><font size="2"><B><FONT color="#000000">01.04
    &#150; AUDITOR/ INFORMATION </FONT></B></font></font></H1>
  <table width="95%" border="1" cellspacing="0" cellpadding="0">
    <tr align="left" valign="top">
      <td width="37%"><font size="2" face="Times New Roman, Times, serif">YEAR</font></td>
      <td width="17%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="46%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr align="left" valign="top">
      <td><font size="2" face="Times New Roman, Times, serif">1 - BEGINNING</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">2 - END</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr align="left" valign="top">
      <td><font size="2" face="Times New Roman, Times, serif">01.01.2002</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">12.31.2002</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr align="left" valign="top">
      <td><font size="2" face="Times New Roman, Times, serif">01.01.2001</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">12.31.2001</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr align="left" valign="top">
      <td><font size="2" face="Times New Roman, Times, serif">01.01.2000</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">12.31.2000</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr align="left" valign="top">
      <td colspan="2"><font size="2" face="Times New Roman, Times, serif">9 -
        NAME OF AUDITOR<br>
        Delloitte Touche Tohmatsu</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">10- CVM CODE<br>
        00385-9 </font></td>
    </tr>
    <tr align="left" valign="top">
      <td colspan="2"><font size="2" face="Times New Roman, Times, serif">11 -
        NAME OF RESPONSIBLE ACCOUNTANT<br>
        Altair Tadeu Rossato</font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">12 - TAXPAYER ID
        OF RESPONSIBLE ACCOUNTANT<br>
        060.977.208-23 </font></td>
    </tr>
  </table>
  <hr>
  <DIV class="Part"> </DIV>
</DIV>
<DIV class="Part">
  <H1  align="justify">
<font size="2" face="Times New Roman, Times, serif"><B><FONT color="#000000">01.05
    &#150; CAPITAL COMPOSITION</FONT></B></font><FONT color="#000000" size="2" face="Times New Roman, Times, serif">
    </FONT></H1>
  <table width="95%"  height="49"  border=1 cellspacing=0cellpadding=2>
    <tr align="center" valign="bottom">
      <td><font color="#000000" size="2" face="Times New Roman, Times, serif">Number of
        Shares<br>
        (THOUSAND)</font></td>
      <td><FONT color="#000000" size="2" face="Times New Roman, Times, serif">12.31.2002</FONT></td>
      <td><FONT color="#000000" size="2" face="Times New Roman, Times, serif">12.31.2001</FONT></td>
      <td><FONT color="#000000" size="2" face="Times New Roman, Times, serif">12.31.2000
        </FONT></td>
    </tr>
    <tr align="left" valign="top">
      <td><font size="2" face="Times New Roman, Times, serif"><b><font color="#000000">Subscribed
        Capital </font></b></font></td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr align="left" valign="top">
      <td><font color="#000000" size="2" face="Times New Roman, Times, serif">1 &#150;
        Common </font></td>
      <td align="right">
<font color="#000000" size="2" face="Times New Roman, Times, serif">51,264,622
        </font></td>
      <td align="right">
<font color="#000000" size="2" face="Times New Roman, Times, serif">37,984,013
        </font></td>
      <td  align="right">
<font color="#000000" size="2" face="Times New Roman, Times, serif">37,984,013
        </font></td>
    </tr>
    <tr align="left" valign="top">
      <td><font color="#000000" size="2" face="Times New Roman, Times, serif">2 &#150;
        Preferred </font></td>
      <td  align="right">
<font color="#000000" size="2" face="Times New Roman, Times, serif">18,426,647
        </font></td>
      <td  align="right">
<font color="#000000" size="2" face="Times New Roman, Times, serif">15,015,987
        </font></td>
      <td  align="right">
<font color="#000000" size="2" face="Times New Roman, Times, serif">15,015,987
        </font></td>
    </tr>
    <tr align="left" valign="top">
      <td><font color="#000000" size="2" face="Times New Roman, Times, serif">3 &#150;
        Total </font></td
>
      <td
  align="right"
><font color="#000000" size="2" face="Times New Roman, Times, serif">69,691,269
        </font></td
>
      <td
  align="right"
><font color="#000000" size="2" face="Times New Roman, Times, serif">53,000,000
        </font></td
>
      <td
  align="right"
><font color="#000000" size="2" face="Times New Roman, Times, serif">53,000,000
        </font></td
>
    </tr
>
    <tr align="left" valign="top"

>
      <td colspan="4"
><font size="2" face="Times New Roman, Times, serif"><b><font color="#000000">Treasury
        Stock </font></b></font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td
>
    </tr
>
    <tr align="left" valign="top"

>
      <td
><font color="#000000" size="2" face="Times New Roman, Times, serif">4 &#150;
        Common</font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td
>
      <td
  align="right"
><font size="2" face="Times New Roman, Times, serif">0</font></td
>
      <td
  align="right"
><font size="2" face="Times New Roman, Times, serif">0</font></td
>
      <td
  align="right"
><font size="2" face="Times New Roman, Times, serif">0</font></td
>
    </tr
>
    <tr align="left" valign="top"

>
      <td
><font color="#000000" size="2" face="Times New Roman, Times, serif">5 &#150;
        Preferred</font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td
>
      <td
  align="right"
><font size="2" face="Times New Roman, Times, serif">20,200</font></td
>
      <td
  align="right"
><font size="2" face="Times New Roman, Times, serif">0</font></td
>
      <td
  align="right"
><font size="2" face="Times New Roman, Times, serif">0</font></td
>
    </tr
>
    <tr align="left" valign="top"

>
      <td
><font color="#000000" size="2" face="Times New Roman, Times, serif"> 6 &#150;
        Total </font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td
>
      <td
  align="right"
><font size="2" face="Times New Roman, Times, serif">20,200</font></td
>
      <td
  align="right"
><font size="2" face="Times New Roman, Times, serif">0</font></td
>
      <td
  align="right"
><font size="2" face="Times New Roman, Times, serif">0</font></td
>
    </tr
>
  </table
>
  <P
  align="justify"
>&nbsp;</P
>
</DIV
>
<DIV class="Part"

>
  <H1
  align="justify"
><font size="2" face="Times New Roman, Times, serif"><B><FONT color="#000000">01.06
    -CHARACTERISTICS OF THE COMPANY </FONT></B></font></H1
>
  <table width="95%" border="1" cellspacing="0" cellpadding="0">
    <tr>
      <td><font size="2">1 - TYPE OF COMPANY<br>
        Commercial, industrial and other</font></td>
    </tr>
    <tr>
      <td><FONT color="#000000" size="2" face="Times New Roman, Times, serif">2
        &#150; SITUATION <br>
        Operating </FONT></td>
    </tr>
    <tr>
      <td><FONT color="#000000" size="2" face="Times New Roman, Times, serif">3
        -SHARE CONTROL NATURE<br>
        Holding National </FONT></td>
    </tr>
    <tr>
      <td><FONT color="#000000" size="2" face="Times New Roman, Times, serif">4
        -ACTIVITY CODE <br>
        1170000 -Participation and Administration </FONT></td>
    </tr>
    <tr>
      <td><FONT color="#000000" size="2" face="Times New Roman, Times, serif">5
        -MAIN ACTIVITY <br>
        Industrial, commercial and other </FONT></td>
    </tr>
    <tr>
      <td><FONT color="#000000" size="2" face="Times New Roman, Times, serif">6
        -CONSOLIDATION TYPE <br>
        Total </FONT></td>
    </tr>
  </table>

</DIV
>
<DIV class="Part"

>
  <H1
  align="left"
><font size="2" face="Times New Roman, Times, serif"><B><FONT color="#000000">01.07
    -COMPANIES EXCLUDED FROM THE CONSOLIDATED STATEMENTS </FONT></B></font></H1
>
  <table width="95%" border="1" cellspacing="0" cellpadding="0">
    <tr align="left" valign="top">
      <td height="59"> <font size="2" face="Times New Roman, Times, serif">1 -
        ITEM<br>
          <br>
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
          </font>
     </td>
      <td><font size="2" face="Times New Roman, Times, serif">2 - CNPJ<br>
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        </font></td>
      <td><font size="2" face="Times New Roman, Times, serif">3 - NAME<br>
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        </font></td>
    </tr>
  </table>
  <p>&nbsp; </p>
</DIV>
<DIV class="Part">
  <H1 align="justify">
<font size="2" face="Times New Roman, Times, serif"><B><FONT color="#000000">01.08
    &#150; DIVIDENDS APPROVED AND/OR PAID </FONT></B></font></H1>
  <TABLE  width="95%"  border=1 cellspacing=0cellpadding=2>
    <TR align="center">
      <TD><font size="1" face="Times New Roman, Times, serif">1 - ITEM</font></TD>
      <TD><font size="1" face="Times New Roman, Times, serif">2 - EVENT</font></TD>
      <TD><font size="1" face="Times New Roman, Times, serif">3 - DATE APPROVED</font></TD>
      <TD><font size="1" face="Times New Roman, Times, serif">4 - AMOUNT</font></TD>
      <TD><font size="1" face="Times New Roman, Times, serif">5 - DATE OF PAYMENT</font></TD>
      <TD><font size="1" face="Times New Roman, Times, serif">6 - TYPE OF SHARE</font></TD>
      <TD><font size="1" face="Times New Roman, Times, serif">7 - YIELD PER SHARE</font></TD>
    </TR>
    <TR>
      <TD  align="center"><font size="2">01</font></TD>
      <TD  align="center"><FONT color="#000000" size="2" face="Times New Roman, Times, serif">RCA </FONT></TD>
      <TD  align="center">
<FONT color="#000000" size="2" face="Times New Roman, Times, serif">08.06.2002
        </FONT></TD>
      <TD><FONT color="#000000" size="2" face="Times New Roman, Times, serif">Dividends
        </FONT></TD>
      <TD  align="center">
<FONT color="#000000" size="2" face="Times New Roman, Times, serif">09.03.2002
        </FONT></TD>
      <TD align="center">
<FONT color="#000000" size="2" face="Times New Roman, Times, serif">ON </FONT></TD>
      <TD  align="right">
<FONT color="#000000" size="2" face="Times New Roman, Times, serif">0.0003671120
        </FONT></TD>
    </TR>
    <TR>
      <TD  align="center" valign="middle">
<font size="2">02</font></TD>
      <TD  align="center" valign="middle">
<FONT color="#000000" size="2" face="Times New Roman, Times, serif">RCA </FONT></TD>
      <TD  align="center" valign="middle">
<FONT color="#000000" size="2" face="Times New Roman, Times, serif">08.06.2002
        </FONT></TD>
      <TD  valign="middle">
<FONT color="#000000" size="2" face="Times New Roman, Times, serif">Dividends
        </FONT></TD>
      <TD  align="center" valign="middle">
<FONT color="#000000" size="2" face="Times New Roman, Times, serif">09.03.2002
        </FONT></TD>
      <TD align="center" valign="middle">
<FONT color="#000000" size="2" face="Times New Roman, Times, serif">PN </FONT></TD>
      <TD  align="right" valign="middle">
<FONT color="#000000" size="2" face="Times New Roman, Times, serif">0.0004038230
        </FONT></TD>
    </TR>
    <TR>
      <TD  align="center" valign="middle">
<font size="2">03</font></TD>
      <TD  align="center" valign="middle">
<FONT color="#000000" size="2" face="Times New Roman, Times, serif">RCA </FONT></TD
>
      <TD
  align="center" valign="middle"
><FONT color="#000000" size="2" face="Times New Roman, Times, serif">02.12.2003
        </FONT></TD
>
      <TD
  valign="middle"
><FONT color="#000000" size="2" face="Times New Roman, Times, serif">Dividends
        </FONT></TD
>
      <TD
  align="center" valign="middle"
><FONT color="#000000" size="2" face="Times New Roman, Times, serif">03.06.2003
        </FONT></TD
>
      <TD
  align="center" valign="middle"
><FONT color="#000000" size="2" face="Times New Roman, Times, serif">ON </FONT></TD
>
      <TD
  align="right" valign="middle"
><FONT color="#000000" size="2" face="Times New Roman, Times, serif">0.000629268
        </FONT></TD
>
    </TR
>
    <TR

>
      <TD
  align="center" valign="bottom"
><font size="2">04</font></TD
>
      <TD
  align="center" valign="bottom"
><FONT color="#000000" size="2" face="Times New Roman, Times, serif">RCA </FONT></TD
>
      <TD
  align="center" valign="bottom"
><FONT color="#000000" size="2" face="Times New Roman, Times, serif">02.12.2003
        </FONT></TD
>
      <TD
  valign="bottom"
><FONT color="#000000" size="2" face="Times New Roman, Times, serif">Dividends
        </FONT></TD
>
      <TD
  align="center" valign="bottom"
><FONT color="#000000" size="2" face="Times New Roman, Times, serif">03.06.2003
        </FONT></TD
>
      <TD
  align="center" valign="bottom"
><FONT color="#000000" size="2" face="Times New Roman, Times, serif">PN </FONT></TD
>
      <TD
  align="right" valign="bottom"
><FONT color="#000000" size="2" face="Times New Roman, Times, serif">0.000692195
        </FONT></TD
>
    </TR
>
  </TABLE
>
</DIV
>
<DIV class="Part"

>
  <H1
  align="left"
><font size="2" face="Times New Roman, Times, serif"><B><FONT color="#000000">01.09
    &#150; DIRECTOR OF INVESTORS RELATIONS </FONT></B></font></H1
>
  <p align="center"><font size="2">2</font></p>
  <table width="95%" border="1" cellspacing="0" cellpadding="0">
    <tr align="left" valign="top">
      <td width="17%"><font color="#000000" size="2" face="Times New Roman, Times, serif">1
        &#150; DATE<br>
        <br>
        02.12.2003 </font></td>
      <td width="83%"><font color="#000000" size="2" face="Times New Roman, Times, serif">2
        &#150; SIGNATURE</font></td>
    </tr>
  </table>
  <hr>
  <DIV>
<P><font size="2" face="Times New Roman, Times, serif"><B>02.01 - BALANCE
      SHEET - ASSETS (R$ thousands)</B></font></P>
    <TABLE
cellSpacing=0 cellPadding=0 border=1>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif"><B>1
            - CODE</B></font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif"><B>2
            &#150; DESCRIPTION</B></font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>3 -
            12.31.2002</B></font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>4 &#150;
            12.31.2001</B></font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>5 -
            12.31.2000</B></font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=272> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=165> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=165> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=165> <P>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Total
            assets</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,700,884</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">901,369</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">993,011</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.01</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Current
            assets</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">148,402</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">78,204</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">317,340</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.01.01</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Cash
            and temporary cash investments</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">79,044</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">41,592</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">300,629</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.01.01.01</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Cash
            and banks</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">60</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">3</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">256</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.01.01.02</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Temporary
            cash investments</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">78,984</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">41,589</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">300,373</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.01.02</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Receivables</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">69,358</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">36,612</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">16,711</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.01.02.01</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Recoverable
            taxes </font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">13,744</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">15,012</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">6,624</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.01.02.02</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Dividends
            receivable</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">55,605</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">21,600</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">10,087</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.01.02.03</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Other
            </font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">9</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.01.03</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Inventories</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.01.04</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Other</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.02</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Noncurrent
            assets</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">48,727</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">98,788</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">45,434</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.02.01</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Others
            accounts receivables</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.02.02</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Related
            companies</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">46,694</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">97,198</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">44,459</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.02.02.01</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Affiliates</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.02.02.02</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Subsidiary
            companies</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">46,600</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">97,132</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">44,393</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.02.02.03</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Other
            companies</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">94</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">66</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">66</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.02.03</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Other</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,033</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,590</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">975</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.02.03.01</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Defered
            income and social contribution&nbsp; taxes</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,033</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,590</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">975</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.02.03.02</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Other</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.03</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Permanent
            assets</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,503,755</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">724,377</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">630,237</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.03.01</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Investments</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,503,755</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">724,377</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">630,237</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.03.01.01</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Affiliates</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.03.01.02</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Subsidiary
            and associated companies</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,503,562</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">724,192</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">630,072</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.03.01.03</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Other
            </font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">193</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">185</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">165</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.03.02</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Property,
            plant and equipment</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">1.03.03</font></P></TD>
        <TD
    vAlign=top width=272> <P><font size="2" face="Times New Roman, Times, serif">Deferred
            charges</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=165> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
    </TABLE>
    <p align="center"><font size="2" face="Times New Roman, Times, serif">3</font></p>
  </DIV>
  <hr>
  <DIV>
    <H1
  align="left"
><font size="2" face="Times New Roman, Times, serif"><B>02.02 - BALANCE SHEET
      - LIABILITIES AND STOCKHOLDERS' EQUITY (R$ thousands) </B></font></H1
>
    <TABLE
cellSpacing=0 cellPadding=0 border=1>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif"><B>1
            - CODE</B></font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif"><B>2
            &#150; DESCRIPTION</B></font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>3 -
            12.31.2002</B></font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>4 -
            12.31.2001</B></font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>5 -
            12.31.2000</B></font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=295> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=154> <P
      align=right>&nbsp;</P></TD>
        <TD
    vAlign=top width=154> <P
      align=right>&nbsp;</P></TD>
        <TD
    vAlign=top width=154> <P
      align=right>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Total
            liabilities </font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,700,884</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">901,369</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">993,011</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.01</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Current
            liabilities</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">45,500</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">22,270</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">14,808</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.01.01</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Financing</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.01.02</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Debentures</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.01.03</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Suppliers</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">58</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">259</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">170</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.01.04</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Taxes
            </font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">29</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,970</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.01.05</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Dividends
            payable</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">45,012</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">22,011</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">12,668</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.01.06</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Provisions</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">280</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.01.06.01</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Salaries
            and related charges</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">280</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.01.07</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Payables
            to related companies</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.01.08</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Other</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">121</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.02</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Long-term
            liabilities</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">464,300</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">79,206</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">80,499</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.02.01</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Financing</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.02.02</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Debentures</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.02.03</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Provision</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.02.04</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Related
            companies</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">458,597</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">74,810</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">77,797</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.02.05</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Other</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">5,703</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">4,396</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,702</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.02.05.01</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Other
            taxes</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">5,703</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">4,396</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,702</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.03</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Deferred
            income</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.05</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Stockholders&#146;
            equity</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,191,084</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">799,893</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">897,704</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.05.01</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Capital</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">663,952</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">433,857</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">433,857</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.05.02</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Capital
            reserves</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.05.03</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Revaluation
            reserve</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">26,036</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">25,862</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">29,111</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.05.03.01</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Own
            assets</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.05.03.02</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Subsidiary/affiliated
            companies</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">26,036</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">25,862</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">29,111</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.05.04</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Profit
            reserves</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">501,096</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">340,174</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">314,804</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.05.04.01</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Legal</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">28,546</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">17,431</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">10,821</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.05.04.02</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Statutory</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.05.04.03</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">For
            contingencies</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.05.04.04</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Unrealized
            profits</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">40,593</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">303,983</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.05.04.05</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Retention
            of profits</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">432,355</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">322,743</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.05.04.06</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Special
            for undistributed dividends</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.05.04.07</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Other</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(398)</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=95> <P><font size="2" face="Times New Roman, Times, serif">2.05.05</font></P></TD>
        <TD
    vAlign=top width=295> <P><font size="2" face="Times New Roman, Times, serif">Retained
            earnings</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=154> <P
      align=right><font size="2" face="Times New Roman, Times, serif">119,932</font></P></TD>
      </TR>
    </TABLE>
    <P><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P>
    <div align="left"><font size="2" face="Times New Roman, Times, serif">4<B><BR
clear=all>
      </B> </font>
      <hr>
      <font size="2" face="Times New Roman, Times, serif"><B>03.01 - STATEMENT
      OF INCOME&nbsp; (R$ thousands) </B></font></div>
    <TABLE
cellSpacing=0 cellPadding=0 border=1>
      <TR>
        <TD
    vAlign=bottom width=93> <P><font size="2" face="Times New Roman, Times, serif"><B>1
            - CODE</B></font></P></TD>
        <TD
    vAlign=bottom width=343> <P><font size="2" face="Times New Roman, Times, serif"><B>2
            &#150; DESCRIPTION</B></font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif"><B>3 - 01.01.2002
            to</B><br>
            <B>&nbsp;12.31.2002</B></font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif"><B>4 - 01.01.2001
            to</B><br>
            <B>&nbsp;12.31.2001</B></font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif"><B>5 - 01.01.2000
            to</B><br>
            <B>&nbsp;12.31.2000</B></font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.01</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Gross
            sales and services</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.02</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Deductions</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.03</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Net
            sales and services</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.04</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Cost
            of sales and services</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.05</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Gross
            profit</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.06</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Operating
            income/expenses</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">229,260</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">131,586</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">140,944</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.06.01</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Selling</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.06.02</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">General
            and administrative</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(535)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(774)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(164)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.06.02.01</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">General
            and administrative</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(240)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(738)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(125)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.06.02.02</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Management
            compensation</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(295)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(36)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(39)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.06.03</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Financial
            </font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">15,029</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">29,900</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">51,189</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.06.03.01</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Financial
            income</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">16,916</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">32,745</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">54,165</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.06.03.02</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Financial
            expenses</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(1,887)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(2,845)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(2,976)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.06.04</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Other
            operating income, net</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">361</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">34</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">34</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.06.05</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Other
            operating expenses</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.06.06</font></P></TD>
        <TD
    vAlign=top width=343> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Equity in
            the results of subsidiary and associated companies</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">214,405</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">102,426</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">89,885</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.07</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Operating
            income</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">229,260</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">131,586</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">140,944</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.08</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Nonoperating
            expenses, net</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(143)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.08.01</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Revenue</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.08.02</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Expenses</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(143)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.09</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Income
            before income&nbsp; and social contribution taxes</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">229,117</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">131,586</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">140,944</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.10</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Provision
            for income and social contribution taxes</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(7,260)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(9,484)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.11</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Deferred
            income taxes</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">443</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">615</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(2,963)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.12</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Statutory
            profit sharing and contribution</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.12.01</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Profit
            sharing</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.12.02</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Contribution</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.13</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Reversal
            of interest on own capital</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P><font size="2" face="Times New Roman, Times, serif">3.15</font></P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Net
            income for&nbsp; the period</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">222,300</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">132,201</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">128,497</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Number
            of shares, excluding treasury (in thousands)</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">69,671,069</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">53,000,000</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">53,000,000</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Net
            income per share</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0.00319</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0.00249</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0.00242</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=93> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=343> <P><font size="2" face="Times New Roman, Times, serif">Loss
            per share</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
    </TABLE>
    <P align="center"><font size="2" face="Times New Roman, Times, serif">5</font>&nbsp;</P>
  </DIV>
  <font size="2" face="Times New Roman, Times, serif"><B><BR
clear=all>
  </B></font>
  <hr>
  <font size="2" face="Times New Roman, Times, serif"> </font>
  <DIV>
<P><font size="2" face="Times New Roman, Times, serif"><B>04.01 - STATEMENT
      OF CHANGES IN FINANCIAL POSITION - (R$ thousands)</B></font></P>
    <TABLE
cellSpacing=0 cellPadding=0 border=1>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif"><B>1
            - CODE</B></font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif"><B>2
            &#150; DESCRIPTION</B></font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif"><B>3 - 01.01.2002
            to </B><br>
            <B>12.31.2002</B></font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif"><B>4 - 01.01.2001
            to </B><br>
            <B>12.31.2001</B></font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif"><B>5 - 01.01.2000
            to </B><br>
            <B>12.31.2000</B></font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=370> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=132> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=132> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=132> <P>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Total
            sources of funds</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">499,526</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">52,451</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">53,840</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Operations</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">8,785</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">30,851</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">43,752</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.01</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Net
            income </font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">222,300</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">132,201</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">128,497</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.02</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Items
            not affecting working capital</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(213,515)</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(101,350)</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(84,745)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.02.01</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Equity
            in&nbsp; results of subsidiary and associated companies</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(214,405)</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(102,426)</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(89,885)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.02.02</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Long-term
            interest and monetary variations</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">686</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">499</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">189</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.02.03</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Deferred
            income and social contribution taxes</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(443)</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(615)</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,963</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.02.04</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Amortization
            of goodwill and negative goodwill on investments</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(4)</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(4)</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(4)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.02.05</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Other
            long-term taxes</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">651</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,196</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,977</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.02.06</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Residual
            value of disposed permanent assets</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">15</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.02</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Shareholders</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.02.01</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Payment
            of capital</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.03</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Third
            parties</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">490,741</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">21,600</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">10,088</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.03.01</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Increase
            in long-term liabilities</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">383,757</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.03.02</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Decrease
            in noncurrent assets</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">50,504</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.03.03</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Proposed
            dividends and interest on capital (gross)</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">56,430</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">21,600</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">10,088</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.03.04</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Working
            capital from merger </font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">50</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.02</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Total
            use of funds</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">452,558</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">299,049</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">93,136</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.02.01</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Dividends
            and interest on&nbsp; capital </font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">65,000</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">229,593</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">31,106</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.02.02</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Transfer
            from long-term to current liabilities</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">28,954</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.02.03</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Increase
            in noncurrent assets</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">52,739</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">33,076</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.02.04</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Investments</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">387,160</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">13,730</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.02.05</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Decrease
            in long-term liabilities</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,987</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.02.06</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Acquisition
            of treasury shares </font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">398</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.03</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Increase
            (decrease) in working capital</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">46,968</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(246,598)</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(39,296)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.04</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Variance
            in current assets</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">70,198</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(239,136)</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(39,356)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.04.01</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">At&nbsp;
            beginning of year</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">78,204</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">317,340</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">356,696</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.04.02</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">At
            end of&nbsp; year</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">148,402</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">78,204</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">317,340</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.05</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">Variance
            in current liability</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">23,230</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">7,462</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(60)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.05.01</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">At&nbsp;
            beginning of&nbsp; year</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">22,270</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">14,808</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">14,868</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.05.02</font></P></TD>
        <TD
    vAlign=top width=370> <P><font size="2" face="Times New Roman, Times, serif">At&nbsp;
            end of&nbsp; year</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">45,500</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">22,270</font></P></TD>
        <TD
    vAlign=top width=132> <P
      align=right><font size="2" face="Times New Roman, Times, serif">14,808</font></P></TD>
      </TR>
    </TABLE>
    <P>&nbsp;</P>
    <P align="center"> <font size="2" face="Times New Roman, Times, serif">6</font></p>
    <hr>
    <BR
clear=all>
    <P><font size="2" face="Times New Roman, Times, serif"><B>05.01 &#150; STATEMENTS
      OF CHANGES IN STOCKHOLDER&#146;S EQUITY AT </B> <B>JANUARY 1, 2002</B><B> TO </B> <B>DECEMBER
      31, 2002</B><B> (R$ thousands )</B></font></P>
    <TABLE
cellSpacing=0 cellPadding=0 border=1>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="1" face="Times New Roman, Times, serif"><B>1
            - CODE</B></font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="1" face="Times New Roman, Times, serif"><B>2
            &#150; DESCRIPTION</B></font></P></TD>
        <TD width=78 align="center"
    vAlign=bottom> <font size="1" face="Times New Roman, Times, serif"><B>3 &#150;
          Capital</B></font>
          <p></P></TD>
        <TD width=71 align="center"
    vAlign=bottom> <P
      align=center><font size="1" face="Times New Roman, Times, serif"><B>4 &#150;
            Capital reserves</B></font></P></TD>
        <TD width=95 align="center"
    vAlign=bottom> <P
      align=center><font size="1" face="Times New Roman, Times, serif"><B>5 &#150;
            Revaluation reserve</B></font></P></TD>
        <TD width=83 align="center"
    vAlign=bottom> <P
      align=center><font size="1" face="Times New Roman, Times, serif"><B>6 &#150;
            Revenue reserves</B></font></P></TD>
        <TD width=83 align="center"
    vAlign=bottom> <P
      align=center><font size="1" face="Times New Roman, Times, serif"><B>7 &#150;
            Retained earnings</B></font></P></TD>
        <TD width=111 align="center"
    vAlign=bottom> <P
      align=center><font size="1" face="Times New Roman, Times, serif"><B>8 &#150;
            Stockholder's equity</B></font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=255> <P>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=78> <P
      align=right>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=71> <P
      align=right>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.01</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Beggining
            balance</font></P></TD>
        <TD
    vAlign=bottom width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">433,857</font></P></TD>
        <TD
    vAlign=bottom width=71> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">25,862</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">340,174</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">799,893</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.02</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Prior
            year adjustment</font></P></TD>
        <TD
    vAlign=bottom width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=71> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.03</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Increase/decrease
            of capital</font></P></TD>
        <TD
    vAlign=bottom width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">230,095</font></P></TD>
        <TD
    vAlign=bottom width=71> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">230,095</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.03.01</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Capital
            increase due to merger</font></P></TD>
        <TD
    vAlign=bottom width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">230,095</font></P></TD>
        <TD
    vAlign=bottom width=71> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">230,095</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.04</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Reserves
            realization</font></P></TD>
        <TD
    vAlign=bottom width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=71> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">174</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">4,020</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">4,194</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.04.01</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Revaluation
            due to merger</font></P></TD>
        <TD
    vAlign=bottom width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=71> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">5,139</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">5,139</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.04.02</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Realization
            of revaluation reserve</font></P></TD>
        <TD
    vAlign=bottom width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=71> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(5,084)</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">4,384</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(700)</font></P></TD>
      </TR>
      <TR valign="top">
        <TD width=80> <P><font size="2" face="Times New Roman, Times, serif">5.04.03</font></P></TD>
        <TD width=255> <P><font size="2" face="Times New Roman, Times, serif">Income
            and social contribution taxes on realization of revaluation reserves
            of subsidiaries</font></P></TD>
        <TD width=78
    vAlign=bottom> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD width=71
    vAlign=bottom> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD width=95
    vAlign=bottom> <P
      align=right><font size="2" face="Times New Roman, Times, serif">119</font></P></TD>
        <TD width=83
    vAlign=bottom> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD width=83
    vAlign=bottom> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(364)</font></P></TD>
        <TD width=111
    vAlign=bottom> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(245)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.05</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Aquisition
            of&nbsp; treasury shares</font></P></TD>
        <TD
    vAlign=bottom width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=71> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(398)</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(398)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.06</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Net
            income</font></P></TD>
        <TD
    vAlign=bottom width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=71> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">222,300</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">222,300</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.07</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Appropriation
            of net income</font></P></TD>
        <TD
    vAlign=bottom width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=71> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">161,320</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(226,320)</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(65,000)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.07.01</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Legal
            reserve</font></P></TD>
        <TD
    vAlign=bottom width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=71> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">11,115</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(11,115)</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.07.02</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Interim
            dividends </font></P></TD>
        <TD
    vAlign=bottom width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=71> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(20,000)</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(20,000)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.07.03</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Proposed
            dividends</font></P></TD>
        <TD
    vAlign=bottom width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=71> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(45,000)</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(45,000)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5,07,04</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Reserve
            for unrealized profits</font></P></TD>
        <TD
    vAlign=bottom width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=71> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">40,593</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(40,593)</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.07.05</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Retention
            of profits reserve</font></P></TD>
        <TD
    vAlign=bottom width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=71> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">109,612</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(109,612)</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.08</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Final
            balance</font></P></TD>
        <TD
    vAlign=bottom width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">663,952</font></P></TD>
        <TD
    vAlign=bottom width=71> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">26,036</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">501,096</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,191,084</font></P></TD>
      </TR>
    </TABLE>
    <p align="center"><font size="2" face="Times New Roman, Times, serif">7</font></p>
    <hr>
    <BR clear=all>
    <P><font size="2" face="Times New Roman, Times, serif"><B>05.02 &#150; STATEMENTS
      OF CHANGES IN STOCKHOLDER&#146;S EQUITY AT JANUARY 1, 2001</B><B> TO </B> <B>DECEMBER
      31, 2001</B><B> (R$ thousands )</B></font></P>
    <TABLE width="95%" border=1 cellPadding=0 cellSpacing=0>
      <TR>
        <TD vAlign=bottom width=83> <P><font size="1" face="Times New Roman, Times, serif"><B>1
            - CODE</B></font></P></TD>
        <TD vAlign=bottom width=266> <P><font size="1" face="Times New Roman, Times, serif"><B>2
            &#150; DESCRIPTION</B></font></P></TD>
        <TD vAlign=bottom width=69> <P align=center><font size="1" face="Times New Roman, Times, serif"><B>3 -
            Capital&nbsp;</B></font></P></TD>
        <TD vAlign=bottom width=82> <P align=center><font size="1" face="Times New Roman, Times, serif"><B>4 &#150;
            Capital reserves</B></font></P></TD>
        <TD vAlign=bottom width=103> <P align=center><font size="1" face="Times New Roman, Times, serif"><B>5 &#150;
            Revaluation reserve</B></font></P></TD>
        <TD vAlign=bottom width=86>
<P align=center><font size="1" face="Times New Roman, Times, serif"><B>6 &#150;
            Revenue reserves</B></font></P></TD>
        <TD vAlign=bottom width=86>
<P align=center><font size="1" face="Times New Roman, Times, serif"><B>7 &#150;
            Retained earnings</B></font></P></TD>
        <TD vAlign=bottom width=121>
<P align=center><font size="1" face="Times New Roman, Times, serif"><B>8 &#150;
            Stockholder's equity</B></font></P></TD>
      </TR>
      <TR>
        <TD vAlign=bottom width=83> <P>&nbsp;</P></TD>
        <TD vAlign=bottom width=266> <P>&nbsp;</P></TD>
        <TD vAlign=bottom width=69> <P align=right>&nbsp;</P></TD>
        <TD vAlign=bottom width=82> <P align=right>&nbsp;</P></TD>
        <TD vAlign=bottom width=103> <P align=right>&nbsp;</P></TD>
        <TD vAlign=bottom width=86> <P align=right>&nbsp;</P></TD>
        <TD vAlign=bottom width=86> <P align=right>&nbsp;</P></TD>
        <TD vAlign=bottom width=121> <P align=right>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD vAlign=bottom width=83> <P><font size="2" face="Times New Roman, Times, serif">5.01</font></P></TD>
        <TD vAlign=bottom width=266> <P><font size="2" face="Times New Roman, Times, serif">Beggining
            balance</font></P></TD>
        <TD vAlign=bottom width=69>
<P align=right><font size="2" face="Times New Roman, Times, serif">433,857</font></P></TD>
        <TD vAlign=bottom width=82>
<P align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD vAlign=bottom width=103>
<P align=right><font size="2" face="Times New Roman, Times, serif">29,111</font></P></TD>
        <TD vAlign=bottom width=86>
<P align=right><font size="2" face="Times New Roman, Times, serif">314,804</font></P></TD>
        <TD vAlign=bottom width=86>
<P align=right><font size="2" face="Times New Roman, Times, serif">119,932</font></P></TD>
        <TD vAlign=bottom width=121> <P align=right><font size="2" face="Times New Roman, Times, serif">897,704</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=bottom width=83> <P><font size="2" face="Times New Roman, Times, serif">5.02</font></P></TD>
        <TD vAlign=bottom width=266> <P><font size="2" face="Times New Roman, Times, serif">Prior
            year adjustment</font></P></TD>
        <TD vAlign=bottom width=69> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=82> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(58,788)</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">41,195</font></P></TD>
        <TD
    vAlign=bottom width=121> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(17,593)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=83> <P><font size="2" face="Times New Roman, Times, serif">5.02.01</font></P></TD>
        <TD
    vAlign=bottom width=266> <P><font size="2" face="Times New Roman, Times, serif">Complementary
            dividends </font></P></TD>
        <TD
    vAlign=bottom width=69> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=82> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(58,788)</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">41,195</font></P></TD>
        <TD
    vAlign=bottom width=121> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(17,593)</font></P></TD>
      </TR>
      <TR>
        <TD

    vAlign=bottom width=83> <P><font size="2" face="Times New Roman, Times, serif">5.03</font></P></TD>
        <TD
    vAlign=bottom width=266> <P><font size="2" face="Times New Roman, Times, serif">Increase/decrease
            of capital</font></P></TD>
        <TD
    vAlign=bottom width=69> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=82> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=121> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=83> <P><font size="2" face="Times New Roman, Times, serif">5.04</font></P></TD>
        <TD
    vAlign=bottom width=266> <P><font size="2" face="Times New Roman, Times, serif">Reserves
            realization</font></P></TD>
        <TD
    vAlign=bottom width=69> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=82> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(3,249)</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(245,195)</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">248,025</font></P></TD>
        <TD
    vAlign=bottom width=121> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(419)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=83> <P><font size="2" face="Times New Roman, Times, serif">5.04.01</font></P></TD>
        <TD
    vAlign=bottom width=266> <P><font size="2" face="Times New Roman, Times, serif">Realization
            of revaluation reserve</font></P></TD>
        <TD
    vAlign=bottom width=69> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=82> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(3,414)</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">3,325</font></P></TD>
        <TD
    vAlign=bottom width=121> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(89)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">5.04.02</font></P></TD>
        <TD
    vAlign=bottom width=266> <P><font size="2" face="Times New Roman, Times, serif">Income
            And social contribution taxes on realization of revaluation reserves
            of subsidiaries</font></P></TD>
        <TD
    vAlign=bottom width=69> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=82> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">165</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(495)</font></P></TD>
        <TD
    vAlign=bottom width=121> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(330)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=83> <P><font size="2" face="Times New Roman, Times, serif">5.04.03</font></P></TD>
        <TD
    vAlign=bottom width=266> <P><font size="2" face="Times New Roman, Times, serif">Realization
            of unrealized profit reserve</font></P></TD>
        <TD
    vAlign=bottom width=69> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=82> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(245,195)</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">245,195</font></P></TD>
        <TD
    vAlign=bottom width=121> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=83> <P><font size="2" face="Times New Roman, Times, serif">5.05</font></P></TD>
        <TD
    vAlign=bottom width=266> <P><font size="2" face="Times New Roman, Times, serif">Aquisition
            of&nbsp; treasury shares </font></P></TD>
        <TD
    vAlign=bottom width=69> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=82> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=121> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=83> <P><font size="2" face="Times New Roman, Times, serif">5.06</font></P></TD>
        <TD
    vAlign=bottom width=266> <P><font size="2" face="Times New Roman, Times, serif">Net
            income</font></P></TD>
        <TD
    vAlign=bottom width=69> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=82> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">132,201</font></P></TD>
        <TD
    vAlign=bottom width=121> <P
      align=right><font size="2" face="Times New Roman, Times, serif">132,201</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=83> <P><font size="2" face="Times New Roman, Times, serif">5.07</font></P></TD>
        <TD
    vAlign=bottom width=266> <P><font size="2" face="Times New Roman, Times, serif">Appropriation
            of net income</font></P></TD>
        <TD
    vAlign=bottom width=69> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=82> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">329,353</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(541,353)</font></P></TD>
        <TD
    vAlign=bottom width=121> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(212,000)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=83> <P><font size="2" face="Times New Roman, Times, serif">5.07.01</font></P></TD>
        <TD
    vAlign=bottom width=266> <P><font size="2" face="Times New Roman, Times, serif">Legal
            reserve</font></P></TD>
        <TD
    vAlign=bottom width=69> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=82> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">6,610</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(6,610)</font></P></TD>
        <TD
    vAlign=bottom width=121> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=83> <P><font size="2" face="Times New Roman, Times, serif">5.07.02</font></P></TD>
        <TD
    vAlign=bottom width=266> <P><font size="2" face="Times New Roman, Times, serif">Dividends
            for the year</font></P></TD>
        <TD
    vAlign=bottom width=69> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=82> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(181,000)</font></P></TD>
        <TD
    vAlign=bottom width=121> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(181,000)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=83> <P><font size="2" face="Times New Roman, Times, serif">5.07.03</font></P></TD>
        <TD
    vAlign=bottom width=266> <P><font size="2" face="Times New Roman, Times, serif">Interest
            on own capital</font></P></TD>
        <TD
    vAlign=bottom width=69> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=82> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(31,000)</font></P></TD>
        <TD
    vAlign=bottom width=121> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(31,000)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=83> <P><font size="2" face="Times New Roman, Times, serif">5.07.04</font></P></TD>
        <TD
    vAlign=bottom width=266> <P><font size="2" face="Times New Roman, Times, serif">Retention
            of profits reserve</font></P></TD>
        <TD
    vAlign=bottom width=69> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=82> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">322,743</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(322,743)</font></P></TD>
        <TD
    vAlign=bottom width=121> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=83> <P><font size="2" face="Times New Roman, Times, serif">5.08</font></P></TD>
        <TD
    vAlign=bottom width=266> <P><font size="2" face="Times New Roman, Times, serif">Other</font></P></TD>
        <TD
    vAlign=bottom width=69> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=82> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=121> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=83> <P><font size="2" face="Times New Roman, Times, serif">5.09</font></P></TD>
        <TD
    vAlign=bottom width=266> <P><font size="2" face="Times New Roman, Times, serif">Final
            balance</font></P></TD>
        <TD
    vAlign=bottom width=69> <P
      align=right><font size="2" face="Times New Roman, Times, serif">433,857</font></P></TD>
        <TD
    vAlign=bottom width=82> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">25,862</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">340,174</font></P></TD>
        <TD
    vAlign=bottom width=86> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=121> <P
      align=right><font size="2" face="Times New Roman, Times, serif">799,893</font></P></TD>
      </TR>
    </TABLE>
    <P>&nbsp;</P>
    <P align="center"><font size="2" face="Times New Roman, Times, serif">8</font></P>
    <hr>
    <P><font size="2" face="Times New Roman, Times, serif"><B>05.03 - STATEMENTS
      OF CHANGES IN STOCKHOLDER&#146;S EQUITY AT </B><B>JANUARY 1, 2000</B><B> TO </B><B>DECEMBER
      31, 2000</B><B> (R$ thousands )</B></font></P>
    <TABLE width="95%" border=1 cellPadding=0
cellSpacing=0>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="1" face="Times New Roman, Times, serif"><B>1
            - CODE</B></font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="1" face="Times New Roman, Times, serif"><B>2
            &#150; DESCRIPTION</B></font></P></TD>
        <TD
    vAlign=bottom width=66> <P><font size="1" face="Times New Roman, Times, serif"><B>3
            - Capital</B></font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=center><font size="1" face="Times New Roman, Times, serif"><B>4 -
            Capital reserves</B></font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=center><font size="1" face="Times New Roman, Times, serif"><B>5 &#150;
            Revaluation reserve</B></font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=center><font size="1" face="Times New Roman, Times, serif"><B>6 &#150;
            Revenue reserves</B></font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=center><font size="1" face="Times New Roman, Times, serif"><B>7 -
            Retained earnings</B></font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=center><font size="1" face="Times New Roman, Times, serif"><B>8 &#150;&nbsp;
            Stockholder's equity</B></font></P></TD>
      </TR>
      <TR>
        <TD vAlign=bottom width=80> <P>&nbsp;</P></TD>
        <TD vAlign=bottom width=255> <P>&nbsp;</P></TD>
        <TD vAlign=bottom width=66> <P align=right>&nbsp;</P></TD>
        <TD vAlign=bottom width=83> <P align=right>&nbsp;</P></TD>
        <TD vAlign=bottom width=95> <P align=right>&nbsp;</P></TD>
        <TD vAlign=bottom width=83> <P align=right>&nbsp;</P></TD>
        <TD vAlign=bottom width=83> <P align=right>&nbsp;</P></TD>
        <TD vAlign=bottom width=111> <P align=right>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.01</font></P></TD>
        <TD vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Beggining
            balance</font></P></TD>
        <TD vAlign=bottom width=66>
<P align=right><font size="2" face="Times New Roman, Times, serif">433,857</font></P></TD>
        <TD vAlign=bottom width=83>
<P align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD vAlign=bottom width=95>
<P align=right><font size="2" face="Times New Roman, Times, serif">53,456</font></P></TD>
        <TD vAlign=bottom width=83>
<P align=right><font size="2" face="Times New Roman, Times, serif">224,919</font></P></TD>
        <TD vAlign=bottom width=83>
<P align=right><font size="2" face="Times New Roman, Times, serif">107,326</font></P></TD>
        <TD vAlign=bottom width=111> <P align=right><font size="2" face="Times New Roman, Times, serif">819,558</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.02</font></P></TD>
        <TD vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Prior
            year adjustment</font></P></TD>
        <TD vAlign=bottom width=66> <P align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD vAlign=bottom width=83>
<P align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD vAlign=bottom width=95> <P align=right>
<font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD vAlign=bottom width=83>
<P align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD vAlign=bottom width=83>
<P align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD vAlign=bottom width=111>
<P align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.03</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Increase/decrease
            of capital</font></P></TD>
        <TD
    vAlign=bottom width=66> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.04</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Reserves
            realization</font></P></TD>
        <TD
    vAlign=bottom width=66> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(24,345)</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">5,100</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(19,245)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.04.01</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Realization
            of revaluation reserve</font></P></TD>
        <TD
    vAlign=bottom width=66> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(6,190)</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">6,190</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=80> <P><font size="2" face="Times New Roman, Times, serif">5.04.02</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Income
            And social contribution taxes on realization of revaluation reserves
            of subsidiaries</font></P></TD>
        <TD
    vAlign=bottom width=66> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">825</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(1,090)</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(265)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.04.03</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Partial
            reversal of revaluation reserve</font></P></TD>
        <TD
    vAlign=bottom width=66> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(18,980)</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(18,980)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.05</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Treasury
            stocks</font></P></TD>
        <TD
    vAlign=bottom width=66> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.06</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Net
            income</font></P></TD>
        <TD
    vAlign=bottom width=66> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">128,497</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">128,497</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.07</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Appropriation
            of net income</font></P></TD>
        <TD
    vAlign=bottom width=66> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">89,885</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(120,991)</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(31,106)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.07.01</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Legal
            reserve</font></P></TD>
        <TD
    vAlign=bottom width=66> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">6,425</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(6,425)</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.07.02</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Reserve
            for unrealized profits</font></P></TD>
        <TD
    vAlign=bottom width=66> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">83,460</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(83,460)</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.07.03</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Interim
            dividends</font></P></TD>
        <TD
    vAlign=bottom width=66> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(16,456)</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(16,456)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.07.04</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Interest
            on own capital</font></P></TD>
        <TD
    vAlign=bottom width=66> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(14,650)</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(14,650)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.08</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Other</font></P></TD>
        <TD
    vAlign=bottom width=66> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=80> <P><font size="2" face="Times New Roman, Times, serif">5.09</font></P></TD>
        <TD
    vAlign=bottom width=255> <P><font size="2" face="Times New Roman, Times, serif">Final
            balance</font></P></TD>
        <TD
    vAlign=bottom width=66> <P
      align=right><font size="2" face="Times New Roman, Times, serif">433,857</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">29,111</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">314,804</font></P></TD>
        <TD
    vAlign=bottom width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">119,932</font></P></TD>
        <TD
    vAlign=bottom width=111> <P
      align=right><font size="2" face="Times New Roman, Times, serif">897,704</font></P></TD>
      </TR>
    </TABLE>
    <p align="center"> <font size="2" face="Times New Roman, Times, serif">9</font></p>
    <hr>
    <P><font size="2" face="Times New Roman, Times, serif"><B>06.01 - CONSOLIDATED
      BALANCE SHEET - ASSETS (R$ thousands)</B></font></P>
    <TABLE width="95%" border=1 cellPadding=5
cellSpacing=0>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif"><B>1
            &#150; CODE</B></font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif"><B>2
            &#150; DESCRIPTION</B></font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>3 -
            12.31.2002</B></font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>4 -
            12.31.2001</B></font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>5 -
            12.31.2000</B></font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=308> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=155> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=155> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=155> <P>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Total
            assets</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,127,913</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,951,922</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,014,526</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.01</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Current
            assets</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,186,895</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,045,186</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,190,836</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.01.01</font></P></TD>
        <TD vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Cash
            and temporary cash investments</font></P></TD>
        <TD vAlign=top width=155>
<P align=right><font size="2" face="Times New Roman, Times, serif">637,939</font></P></TD>
        <TD vAlign=top width=155>
<P align=right><font size="2" face="Times New Roman, Times, serif">655,957</font></P></TD>
        <TD vAlign=top width=155>
<P align=right><font size="2" face="Times New Roman, Times, serif">862,271</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.01.01.01</font></P></TD>
        <TD vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Cash
            and banks</font></P></TD>
        <TD vAlign=top width=155>
<P align=right><font size="2" face="Times New Roman, Times, serif">53,569</font></P></TD>
        <TD vAlign=top width=155> <P align=right><font size="2" face="Times New Roman, Times, serif">35,621</font></P></TD>
        <TD vAlign=top width=155> <P align=right><font size="2" face="Times New Roman, Times, serif">33,127</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.01.01.02</font></P></TD>
        <TD vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Temporary
            cash investments</font></P></TD>
        <TD vAlign=top width=155> <P align=right><font size="2" face="Times New Roman, Times, serif">584,370</font></P></TD>
        <TD vAlign=top width=155> <P align=right><font size="2" face="Times New Roman, Times, serif">620,336</font></P></TD>
        <TD vAlign=top width=155> <P align=right><font size="2" face="Times New Roman, Times, serif">829,144</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.01.02</font></P></TD>
        <TD vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Receivables</font></P></TD>
        <TD vAlign=top width=155> <P align=right><font size="2" face="Times New Roman, Times, serif">439,509</font></P></TD>
        <TD vAlign=top width=155> <P align=right><font size="2" face="Times New Roman, Times, serif">291,401</font></P></TD>
        <TD vAlign=top width=155> <P align=right><font size="2" face="Times New Roman, Times, serif">240,045</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.01.02.01</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Trade
            accounts receivable</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">271,654</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">149,272</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">139,200</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.01.02.02</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Recoverable
            taxes</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">115,060</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">121,198</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">82,201</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.01.02.03</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Other
            receivables</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">52,795</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">20,931</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">18,644</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.01.03</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Inventories</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">106,250</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">94,467</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">86,455</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.01.04</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Other</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">3,197</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">3,361</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,065</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.02</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Noncurrent
            assets</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">47,382</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">41,969</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">35,759</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.02.01</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Accounts
            receivable</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.02.02</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Related
            companies</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,603</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,680</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,460</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.02.02.01</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Affiliates</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,603</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,680</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,460</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.02.02.02</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Subsidiary
            companies</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.02.02.03</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Other
            companies</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.02.03</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Other</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">44,779</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">40,289</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">34,299</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.02.03.01</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Deferred
            income and social contribution taxes </font></P></TD>
        <TD
    vAlign=bottom width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">33,257</font></P></TD>
        <TD
    vAlign=bottom width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">27,282</font></P></TD>
        <TD
    vAlign=bottom width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">22,965</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.02.03.02</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Escrow
            deposits</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">6,992</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">6,666</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">6,780</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.02.03.03</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Other
            </font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">4,530</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">6,341</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">4,554</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.03</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Permanent
            assets</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">893,636</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">864,767</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">787,931</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.03.01</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Investments</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">33,036</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">88,813</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">87,770</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.03.01.01</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Subsidiary
            and associated companies</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">6,984</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">63,033</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">61,085</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.03.01.02</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Subsidiary
            companies</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.03.01.03</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Other
            </font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">26,052</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">25,780</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">26,685</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.03.02</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Property,
            plant and equipment</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">779,467</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">707,869</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">655,949</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=82> <P><font size="2" face="Times New Roman, Times, serif">1.03.03</font></P></TD>
        <TD
    vAlign=top width=308> <P><font size="2" face="Times New Roman, Times, serif">Deferred
            charges</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">81,133</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">68,085</font></P></TD>
        <TD
    vAlign=top width=155> <P
      align=right><font size="2" face="Times New Roman, Times, serif">44,212</font></P></TD>
      </TR>
    </TABLE>
    <font size="2" face="Times New Roman, Times, serif"><b><BR
clear=all>
    </b></font><font size="2">
    <div align="center"><font face="Times New Roman, Times, serif"><b>10 </b></font></div>
    </font>
    <hr>
    <P><font size="2" face="Times New Roman, Times, serif"><B>06.02 - CONSOLIDATED
      BALANCE SHEET - LIABILITIES AND STOCKHOLDERS' EQUITY (R$ thousands)</B></font></P>
    <TABLE width="95%" border=1 cellPadding=5
cellSpacing=0>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif"><B>1
            &#150; CODE</B></font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif"><B>2
            &#150; DESCRIPTION</B></font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>3 -
            12.31.2002</B></font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>4 -
            12.31.2001</B></font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>5 &#150;
            12.31.2000</B></font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=346> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=142> <P
      align=right>&nbsp;</P></TD>
        <TD
    vAlign=top width=142> <P
      align=right>&nbsp;</P></TD>
        <TD
    vAlign=top width=142> <P
      align=right>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Total
            liabilities </font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,127,913</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,951,922</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,014,526</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.01</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Current
            liabilities</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">468,230</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">323,918</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">321,608</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.01.01</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Financing</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">219,827</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">124,525</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">134,064</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.01.02</font></P></TD>
        <TD vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Debentures</font></P></TD>
        <TD vAlign=top width=142> <P align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD vAlign=top width=142> <P align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD vAlign=top width=142> <P align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.01.03</font></P></TD>
        <TD vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Suppliers</font></P></TD>
        <TD vAlign=top width=142>
<P align=right><font size="2" face="Times New Roman, Times, serif">104,436</font></P></TD>
        <TD vAlign=top width=142>
<P align=right><font size="2" face="Times New Roman, Times, serif">88,446</font></P></TD>
        <TD vAlign=top width=142> <P align=right><font size="2" face="Times New Roman, Times, serif">86,843</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.01.04</font></P></TD>
        <TD vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Taxes
            </font></P></TD>
        <TD vAlign=top width=142> <P align=right><font size="2" face="Times New Roman, Times, serif">9,952</font></P></TD>
        <TD vAlign=top width=142> <P align=right><font size="2" face="Times New Roman, Times, serif">5,767</font></P></TD>
        <TD vAlign=top width=142> <P align=right><font size="2" face="Times New Roman, Times, serif">8,605</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.01.05</font></P></TD>
        <TD vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Dividends
            payable </font></P></TD>
        <TD vAlign=top width=142>
<P align=right><font size="2" face="Times New Roman, Times, serif">48,953</font></P></TD>
        <TD vAlign=top width=142>
<P align=right><font size="2" face="Times New Roman, Times, serif">33,554</font></P></TD>
        <TD vAlign=top width=142>
<P align=right><font size="2" face="Times New Roman, Times, serif">27,091</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.01.06</font></P></TD>
        <TD vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Provisions</font></P></TD>
        <TD vAlign=top width=142>
<P align=right><font size="2" face="Times New Roman, Times, serif">66,299</font></P></TD>
        <TD    vAlign=top width=142>
<P align=right><font size="2" face="Times New Roman, Times, serif">52,231</font></P></TD>
        <TD vAlign=top width=142> <P align=right><font size="2" face="Times New Roman, Times, serif">49,258</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.01.06.01</font></P></TD>
        <TD vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Income
            and social contribution taxes</font></P></TD>
        <TD vAlign=top width=142>
     <P align=right><font size="2" face="Times New Roman, Times, serif">1,920</font></P></TD>
        <TD vAlign=top width=142>
     <P align=right><font size="2" face="Times New Roman, Times, serif">2,053</font></P></TD>
        <TD vAlign=top width=142>
<P align=right><font size="2" face="Times New Roman, Times, serif">4,569</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.01.06.02</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Salaries
            and social related charges</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">64,379</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">50,178</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">44,689</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.01.07</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Related
            companies</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.01.08</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Other</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">18,763</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">19,395</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">15,747</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.02</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Long-term
            liabilities</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">437,649</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">388,359</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">383,969</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.02.01</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Financing</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">363,639</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">290,166</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">291,777</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.02.02</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Debentures</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.02.03</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Provisions</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">61,438</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">86,351</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">76,945</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.02.03.01</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Deferred
            Income and social contribution taxes</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">34,791</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">23,973</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">23,497</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.02.03.02</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Other&nbsp;
            taxes</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">26,647</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">62,378</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">53,448</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.02.04</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Related
            companies</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">10,217</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">11,036</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">11,595</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.02.05</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Other</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,355</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">806</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">3,652</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.03</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Deferred
            income</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.04</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Minority
            interest</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">30,950</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">439,752</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">411,245</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.05</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Stockholders&#146;
            equity</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,191,084</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">799,893</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">897,704</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.05.01</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Capital</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">663,952</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">433,857</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">433,857</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.05.02</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Capital
            reserves</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.05.03</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Revaluation
            reserve</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">26,036</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">25,862</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">29,111</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.05.03.01</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Own
            assets</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.05.03.02</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Subsidiary/
            affiliated companies</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">26,036</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">25,862</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">29,111</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.05.04</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Profit
            reserves</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">501,096</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">340,174</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">314,804</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.05.04.01</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Legal</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">28,546</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">17,431</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">10,821</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.05.04.02</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Statutory</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.05.04.03</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">For
            contingencies</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.05.04.04</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Unrealized
            profits</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">40,593</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">303,983</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.05.04.05</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Retention
            of profits</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">432,355</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">322,743</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.05.04.06</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Special
            for undistributed dividends</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.05.04.07</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Others</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(398)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=83> <P><font size="2" face="Times New Roman, Times, serif">2.05.05</font></P></TD>
        <TD
    vAlign=top width=346> <P><font size="2" face="Times New Roman, Times, serif">Retained
            earnings</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">119,932</font></P></TD>
      </TR>
    </TABLE>
    <P align="center"><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;11</B></font></P>
  </DIV>
  <hr>
  <font size="2" face="Times New Roman, Times, serif"><B><BR
clear=all>
  </B></font>
  <P><font size="2" face="Times New Roman, Times, serif"><B>07.01 - CONSOLIDATED
    STATEMENT OF INCOME&nbsp; (R$ thousands)</B></font></P>
  <DIV>
<TABLE width="95%" border=1 cellPadding=0
cellSpacing=0>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif"><B>1
            &#150; CODE</B></font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif"><B>2
            &#150; DESCRIPTION</B></font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>3 -
            01.01.2002<br>
            </B></font><font size="2" face="Times New Roman, Times, serif"><B>to
            12.31.2002</B></font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>4 &#150;
            01.01.2001<br>
            </B></font><font size="2" face="Times New Roman, Times, serif"><B>to
            12.31.2001</B></font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>5 &#150;
            01.01.2000<br>
            </B></font><font size="2" face="Times New Roman, Times, serif"><B>to
            12.31.2000</B></font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.01</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Gross
            sales and services</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">3,795,322</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,862,551</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,301,172</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.02</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Deductions</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(800,816)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(577,832)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(423,169)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.03</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Net
            sales and services</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,994,506</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,284,719</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,878,003</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.04</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Cost
            of sales and services</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(2,247,128)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(1,698,324)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(1,399,634)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.05</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Gross
            profit</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">747,378</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">586,395</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">478,369</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.06</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Operanting
            (expenses ) income</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(311,571)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(309,787)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(182,143)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.06.01</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Selling</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(130,190)</font></P></TD>
        <TD
    vAlign=top width=142> <P align=right><font size="2" face="Times New Roman, Times, serif">(120,023)</font></P></TD>
        <TD
    vAlign=top width=142> <P align=right><font size="2" face="Times New Roman, Times, serif">(95,802)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.06.02</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">General
            and administrative</font></P></TD>
        <TD
    vAlign=top width=142> <P align=right><font size="2" face="Times New Roman, Times, serif">(252,078)</font></P></TD>
        <TD
    vAlign=top width=142> <P align=right><font size="2" face="Times New Roman, Times, serif">(197,710)</font></P></TD>
        <TD
    vAlign=top width=142> <P align=right><font size="2" face="Times New Roman, Times, serif">(170,420)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.06.02.01</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">General
            and administrative</font></P></TD>
        <TD
    vAlign=top width=142> <P align=right><font size="2" face="Times New Roman, Times, serif">(131,356)</font></P></TD>
        <TD
    vAlign=top width=142> <P align=right><font size="2" face="Times New Roman, Times, serif">(105,983)</font></P></TD>
        <TD
    vAlign=top width=142> <P align=right><font size="2" face="Times New Roman, Times, serif">(95,288)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.06.02.02</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Employees&#146;
            profit sharing</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(34,194)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(21,763)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(24,860)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.06.02.03</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Management
            compensation</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(4,704)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(3,726)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(3,469)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.06.02.04</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Depreciation
            and amortization</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(81,824)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(66,238)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(46,803)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.06.03</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Financial</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">28.509</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(31,112)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">43,402</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.06.03.01</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Financial
            income</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">237,996</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">120,718</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">139,961</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.06.03.02</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Financial
            expenses</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(209,487)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(151,830)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(96,559)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.06.03.03.03</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Financial
            expenses on interest own capital</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.06.04</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Other
            operating income</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">428</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">10,170</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,346</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.06.05</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Other
            operating expenses</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.06.06</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Equity
            in the results of subsidiary and associated companies</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">41,760</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">28,888</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">39,331</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.07</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Operating
            income</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">435,807</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">276,608</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">296,226</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.08</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Nonoperating
            expenses, net</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(44,067)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(16,987)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(16,527)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.08.01</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Revenue</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.08.02</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Expenses</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(44,067)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(16,987)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(16,527)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.09</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Income
            before income and social contribution taxes</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">391,740</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">259,621</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">279,699</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.10</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Provision
            for income and social contribution taxes</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(110,067)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(58,377)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(81,705)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.11</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Deferred
            income tax</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(4,843)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">3,903</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">4,678</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.12</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Statutory
            profit sharing and contribution</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.12.01</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Profit
            sharing</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.12.02</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Contribution</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.13</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Reverse
            of interest on own capital</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.14</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Minority
            interest</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(54,530)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(72,946)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(74,175)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P><font size="2" face="Times New Roman, Times, serif">3.15</font></P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Net
            income for&nbsp; the period</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">222,300</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">132,201</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">128,497</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Number
            of shares, excluding treasury (in thousands)</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">69,671,069</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">53,000,000</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">53,000,000</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Net
            income per share</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0.00319</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0.00249</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0.00242</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=87> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=348> <P><font size="2" face="Times New Roman, Times, serif">Loss
            per share</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=142> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
    </TABLE>
  </DIV>
  <div align="center">
    <p><font size="2" face="Times New Roman, Times, serif"><BR
clear=all>
      12</font> </p>
    <hr>
    <P align="left"><font size="2" face="Times New Roman, Times, serif"><B>08.01
      - STATEMENT OF CHANGES IN FINANCIAL POSITION CONSOLIDATED (R$ thousands)
      </B></font></P>
  </div>
  <DIV>
<P><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P>
    <TABLE width="95%" border=1 cellPadding=5
cellSpacing=0>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif"><B>1
            &#150; CODE</B></font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif"><B>2
            &#150; DESCRIPTION</B></font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>3 -
            01.01.2002</B></font></P>
          <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>to 12.31.2002</B></font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>4 &#150;
            01.01.2001</B></font></P>
          <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>to 12.31.2001</B></font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>5 -
            01.01.2000</B></font></P>
          <P
      align=center><font size="2" face="Times New Roman, Times, serif"><B>to 12.31.2000</B></font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=376> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=106> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=130> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=106> <P>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Total
            sources of Funds</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">648,371</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">418,674</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">422,808</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Operations</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">578,512</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">364,000</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">354,527</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.01</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Net
            income </font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">222,300</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">132,201</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">128,497</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.02</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Items&nbsp;
            not&nbsp; affecting working capital</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">356,212</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">231,799</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">226,030</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.02.01</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Equity
            in results of subsidiary and associated companies</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(41,760)</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(28,888)</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(39,331)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.02.02</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Depreciation
            and amortization</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">121,809</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">102,406</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">90,796</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.02.03</font></P></TD>
        <TD vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Long-term
            interest and monetary variations</font></P></TD>
        <TD vAlign=top width=106>
          <P align=right><font size="2" face="Times New Roman, Times, serif">98,285</font></P></TD>
        <TD vAlign=top width=130>
          <P align=right><font size="2" face="Times New Roman, Times, serif">34,514</font></P></TD>
        <TD vAlign=top width=106>
          <P align=right><font size="2" face="Times New Roman, Times, serif">22,627</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.02.04</font></P></TD>
        <TD vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Tax
            incentives</font></P></TD>
        <TD vAlign=top width=106>
          <P align=right><font size="2" face="Times New Roman, Times, serif">43,467</font></P></TD>
        <TD vAlign=top width=130>
          <P align=right><font size="2" face="Times New Roman, Times, serif">26,961</font></P></TD>
        <TD vAlign=top width=106>
          <P align=right><font size="2" face="Times New Roman, Times, serif">29,599</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.02.05</font></P></TD>
        <TD vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Deferred
            income and social contribution taxes</font></P></TD>
        <TD vAlign=top width=106>
          <P align=right><font size="2" face="Times New Roman, Times, serif">4,843</font></P></TD>
        <TD vAlign=top width=130>
          <P align=right><font size="2" face="Times New Roman, Times, serif">(3,903)</font></P></TD>
        <TD vAlign=top width=106>
          <P align=right><font size="2" face="Times New Roman, Times, serif">(4,678)</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.02.06</font></P></TD>
        <TD vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Minority
            interests</font></P></TD>
        <TD vAlign=top width=106>
<P align=right><font size="2" face="Times New Roman, Times, serif">54,530</font></P></TD>
        <TD vAlign=top width=130>
<P align=right><font size="2" face="Times New Roman, Times, serif">72,946</font></P></TD>
        <TD vAlign=top width=106>
          <P align=right><font size="2" face="Times New Roman, Times, serif">74,175</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.02.07</font></P></TD>
        <TD vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Net
            book value of permanent assets written off</font></P></TD>
        <TD vAlign=top width=106>
          <P align=right><font size="2" face="Times New Roman, Times, serif">29,931</font></P></TD>
        <TD vAlign=top width=130>
          <P align=right><font size="2" face="Times New Roman, Times, serif">31,200</font></P></TD>
        <TD vAlign=top width=106>
          <P align=right><font size="2" face="Times New Roman, Times, serif">29,426</font></P></TD>
      </TR>
      <TR>
        <TD vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.02.08</font></P></TD>
        <TD vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Amortization
            of goodwill and negative goodwill on investments</font></P></TD>
        <TD vAlign=top width=106>
          <P
      align=right><font size="2" face="Times New Roman, Times, serif">(352)</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(8,697)</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">225</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.02.09</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Allowance
            (Reversal of provision) for&nbsp; losses on permanent assets</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">40,551</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(5,343)</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(5,205)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.02.10</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Loss
            (Gain) in the percentage holding variation</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,942</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.02.11</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Other
            long-term taxes </font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">8,568</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">10,603</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">25,454</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.01.02.12</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Gain
            on change in ownership percentage</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(3,660)</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.02</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Shareholders</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.02.01</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Payment
            of capital</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.03</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Third
            parties</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">69,859</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">54,674</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">68,281</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.03.01</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Increase
            in long-term liabilities</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">884</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.03.02</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Proposed
            dividends and interest on capital</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">430</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,275</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.03.03</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Long-term
            financing</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">68,748</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">52,928</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">64,537</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.03.04</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Decrease
            in noncurrent assets</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">631</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">471</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,860</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.01.03.05</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Working
            capital from merger</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">50</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.02</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Total
            use of funds</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">650,974</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">566,634</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">310,207</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.02.01</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Investments</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">17</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">774</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.02.02</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Property,
            plant and equipment</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">171,543</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">145,687</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">149,004</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.02.03</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Deferred
            charges</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">51,265</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">57,357</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">32,580</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.02.04</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Dividends
            and interest on capital</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">76,252</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">250,766</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">54,328</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.02.05</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Transfer
            from long-term to current liabilities</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">85,965</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">86,745</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">71,289</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.02.06</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Increase
            in long-term receivable</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.02.07</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Decrease
            in minority interest</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">966</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">13,809</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,541</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.02.08</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Taxes
            on&nbsp; realization of revaluation reserve</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">758</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">716</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">691</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.02.09</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Decrease
            in long-term liabilities</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">51,233</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">11,537</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.02.10</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Aquisition
            of&nbsp; treasure stocks </font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">398</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.02.11</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Aquisition
            of&nbsp; shares from Minority stockholders</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">212,594</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">0</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.03</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Increase
            (decrease) in working capital</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(2,603)</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(147,960)</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">112,601</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.04</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Current
            assets variance</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">141,709</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(145,650)</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">77,930</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.04.01</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Current
            assets at the beginning of the year</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,045,186</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,190,836</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,112,906</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.04.02</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Current
            assets of the end of the year</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,186,895</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,045,186</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,190,836</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.05</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">Variance
            in current liability</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">144,312</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,310</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(34,671)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.05.01</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">At
            beginning of&nbsp; year</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">323,918</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">321,608</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">356,279</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=85> <P><font size="2" face="Times New Roman, Times, serif">4.05.02</font></P></TD>
        <TD
    vAlign=top width=376> <P><font size="2" face="Times New Roman, Times, serif">At&nbsp;
            end of&nbsp; year </font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">468,230</font></P></TD>
        <TD
    vAlign=top width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">323,918</font></P></TD>
        <TD
    vAlign=top width=106> <P
      align=right><font size="2" face="Times New Roman, Times, serif">321,608</font></P></TD>
      </TR>
    </TABLE>
    <div align="center"><font size="2" face="Times New Roman, Times, serif"><B><BR clear=all>
      </B> 13 </font><font face="Times New Roman, Times, serif"> </font></div>
    <font face="Times New Roman, Times, serif"> </font>
    <hr>
    <P align=left><font size="2" face="Times New Roman, Times, serif"><B><font size="3">Report
      of Independent Accountants</font></B></font></P>

    <P><font size="2" face="Times New Roman, Times, serif">To the Stockholders
      and Management of<br>
      </font><font size="2" face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es
      S.A.<br>
      </font><font size="2" face="Times New Roman, Times, serif">S&atilde;o
      Paulo &#150;SP</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      We have audited the balance sheets (Company and Consolidated) of Ultrapar
      Participa&ccedil;&otilde;es S.A. and subsidiaries as of December 31, 2002, and the related
      statements of income, changes in stockholders&#146; equity (Company), and changes
      in financial position for the&nbsp; year then ended, all expressed in Brazilian
      reais. These financial statements are the responsibility of the Company&#146;s
      management. Our responsibility is to express an opinion on these financial
      statements based on our audit.</font></P>

    <P><font size="2" face="Times New Roman, Times, serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      We conducted our audit in accordance with generally accepted auditing standards
      in Brazil, which included: (a) planning of the engagement, considering the
      materiality of the balances, the volume of transactions and the accounting
      and internal control system of the Company and its subsidiaries; (b) examination,
      on a test basis, of the evidence and records supporting the amounts and
      disclosures in the financial statements; and (c) evaluation of the accounting
      principles used and significant estimates adopted by management, as well
      as the overall financial statement presentation.</font></P>
    <p align="center"><font size="2" face="Arial, Helvetica, sans-serif">14</font></p>
    <hr>
    <P align=left><font size="2" face="Times New Roman, Times, serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      In our opinion, the financial statements referred in paragraph 1 present
      fairly, in all material respects, the financial positions (Company and Consolidated)
      of Ultrapar Participa&ccedil;&otilde;es S.A. and subsidiaries as of December 31, 2002,
      and the results of their operations, the changes in stockholders&#146; equity
      (Company) and the changes in their financial positions for the year then
      ended in conformity with accounting practices adopted in Brazil.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      The financial statements for the year ended
December 31, 2001, presented for comparative purposes, were audited
      by other independent auditors whose report, dated January
      31, 2002, expressed an unqualified opinion. </font></P>
    <P><font size="2" face="Times New Roman, Times, serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      These financial statements have been translated into English solely for
      the convenience of the readers outside Brazil.</font></P>
    <P>&nbsp;</P>
    <P><font size="2" face="Times New Roman, Times, serif">S&atilde;o Paulo,

January 24, 2003</font></P>
    <TABLE
cellSpacing=0 cellPadding=0 border=0>
      <TR>
        <TD
    vAlign=top width=558> <P><font size="2" face="Times New Roman, Times, serif">DELOITTE
            TOUCHE TOHMATSU</font></P></TD>
        <TD
    vAlign=top width=236> <P><font size="2" face="Times New Roman, Times, serif">Altair
            Tadeu Rossato</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=558> <P><font size="2" face="Times New Roman, Times, serif">Auditores
            Independentes</font></P></TD>
        <TD
    vAlign=top width=236> <P><font size="2" face="Times New Roman, Times, serif">Accountant</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=558> <P><font size="2" face="Times New Roman, Times, serif">CRC
            No. 2 SP 011609/O-8</font></P></TD>
        <TD
    vAlign=top width=236> <P><font size="2" face="Times New Roman, Times, serif">CRC
            No. 1 SP 182515/O-5</font></P></TD>
      </TR>
    </TABLE>
    <P>&nbsp;</P>
    <H1 align=center><font size="2" face="Times New Roman, Times, serif"><B>MANAGEMENT
      REPORT</B></font></H1>
    <P><font size="2" face="Times New Roman, Times, serif">Dear Shareholders</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">As per regulations
      and the company by-laws, the Management of ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. presents
      the following Management Report, Balance Sheet and other Financial Statements
      for the fiscal year 2002 to its shareholders. All data herein has been prepared
      according to corporate law and is accompanied by an independent auditor&#146;s
      report. On
December 20, 2002, Ultrapar concluded its corporate
      restructuring and with the completion of this process, the results for the
      fiscal year also include the performance of the incorporated company stakes
      for the period from July to December 2002.</font></P>
    <H1><font size="2" face="Times New Roman, Times, serif"><B>ECONOMIC BACKGROUND
      FOR 2002</B></font></H1>
    <P><font size="2" face="Times New Roman, Times, serif">The macroeconomic environment
      in 2002 was tense and volatile, partially provoked by the presidential election
      campaign. This panorama of uncertainty, the result of Brazil&#146;s fragile foreign
      exchange position, fed through to the principal economic indicators with
      the Real posting an approximately 50% depreciation over the period and basic
      interest rates rising by six percentage points - all of which, directly
      impacting the productive sector of the economy. For the segments in which
      Ultrapar operates, the year was also characterized by major changes and
      challenges. During 2002, the Brazilian government sought to create a market,
      which was more favorable to developing new sources of Liquefied Petroleum
      Gas &#150; LPG, by changing pricing parameters. As from January 2002, Petrobras,
      the only Brazilian producer, was allowed to fix its own prices for LPG sold
      on the domestic market, proceeding to adopt the international price plus
      an overprice as its benchmark for the product. The Brazilian chemicals industry
      posted sales of US$ 37.5 billion in 2002 unchanged from 2001, while the
      sector&#146;s trade balance continued to register deficits, ending the year with
      a negative balance of US$ 6.3 billion. Meanwhile, the transportation and
      storage sectors were adversely impacted by the increased price of diesel
      fuel and the decline in economic activity.</font></P>
    <H2><font size="2" face="Times New Roman, Times, serif">ULTRAPAR</font></H2>
    <P><font size="2" face="Times New Roman, Times, serif"><B>(1)&nbsp;&nbsp;
      Financial Performance </B></font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Ultrapar&#146;s&nbsp; business
      philosophy based on the creation of value, having as its foundation, people,
      the lowest costs in the industry and the permanent focus on the customer,
      enabled the company to report unique results in this context with net income
      up by 68%. </font></P>
    <H6 align=left><font size="2" face="Times New Roman, Times, serif"><I>CONSOLIDATED
      VALUES IN R$ MILLIONS</I></font></H6>
    <TABLE
cellSpacing=0 cellPadding=0 border=0>
      <TR>
        <TD
    vAlign=bottom width=461> <font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></TD>
        <TD
    vAlign=bottom width=71 align=center> <font size="2" face="Times New Roman, Times, serif"><B>2002</B></font></TD>
        <TD
    vAlign=top width=13> <font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></TD>
        <TD
    vAlign=bottom width=69 align="center"> <font size="2" face="Times New Roman, Times, serif"><B>2001</B></font></TD>
        <TD
    vAlign=top width=13> <font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></TD>
        <TD
    vAlign=bottom width=81 align="center"> <font size="2" face="Times New Roman, Times, serif"><b>Change</b></font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=461> <P><font size="2" face="Times New Roman, Times, serif">Gross
            revenue</font></P></TD>
        <TD
    vAlign=top width=71> <P align=right><font size="2" face="Times New Roman, Times, serif">3,795.3</font></P></TD>
        <TD
    vAlign=top width=13> <P
      align=center>&nbsp;</P></TD>
        <TD
    vAlign=top width=69> <P align=right><font size="2" face="Times New Roman, Times, serif">2,862.5</font></P></TD>
        <TD
    vAlign=top width=13> <P
      align=center>&nbsp;</P></TD>
        <TD
    vAlign=top width=81> <P align=right><font size="2" face="Times New Roman, Times, serif">33%</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=461> <P><font size="2" face="Times New Roman, Times, serif">Net
            revenue</font></P></TD>
        <TD
    vAlign=top width=71> <P align=right><font size="2" face="Times New Roman, Times, serif">2,994.5</font></P></TD>
        <TD
    vAlign=top width=13> <P
      align=center>&nbsp;</P></TD>
        <TD
    vAlign=top width=69> <P align=right><font size="2" face="Times New Roman, Times, serif">2,284.7</font></P></TD>
        <TD
    vAlign=top width=13> <P
      align=center>&nbsp;</P></TD>
        <TD
    vAlign=top width=81> <P align=right><font size="2" face="Times New Roman, Times, serif">31%</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=461> <P><font size="2" face="Times New Roman, Times, serif">EBITDA
            (a)</font></P></TD>
        <TD
    vAlign=top width=71> <P align=right><font size="2" face="Times New Roman, Times, serif">487.3</font></P></TD>
        <TD
    vAlign=top width=13> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=top width=69> <P align=right><font size="2" face="Times New Roman, Times, serif">372.5</font></P></TD>
        <TD
    vAlign=top width=13> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=top width=81> <P align=right><font size="2" face="Times New Roman, Times, serif">31%</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=461> <P><font size="2" face="Times New Roman, Times, serif">Operating
            income (b)</font></P></TD>
        <TD
    vAlign=top width=71> <P align=right><font size="2" face="Times New Roman, Times, serif">365.5</font></P></TD>
        <TD
    vAlign=top width=13> <P
      align=center>&nbsp;</P></TD>
        <TD
    vAlign=top width=69> <P align=right><font size="2" face="Times New Roman, Times, serif">278.8</font></P></TD>
        <TD
    vAlign=top width=13> <P
      align=center>&nbsp;</P></TD>
        <TD
    vAlign=top width=81> <P align=right><font size="2" face="Times New Roman, Times, serif">31%</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=461> <P><font size="2" face="Times New Roman, Times, serif">Income
            before minority interests</font></P></TD>
        <TD
    vAlign=top width=71> <P align=right><font size="2" face="Times New Roman, Times, serif">276.8</font></P></TD>
        <TD
    vAlign=top width=13> <P
      align=center>&nbsp;</P></TD>
        <TD
    vAlign=top width=69> <P align=right><font size="2" face="Times New Roman, Times, serif">205.1</font></P></TD>
        <TD
    vAlign=top width=13> <P
      align=center>&nbsp;</P></TD>
        <TD
    vAlign=top width=81> <P align=right><font size="2" face="Times New Roman, Times, serif">35%</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=461> <P><font size="2" face="Times New Roman, Times, serif">Net
            income</font></P></TD>
        <TD
    vAlign=top width=71> <P align=right><font size="2" face="Times New Roman, Times, serif">222.3</font></P></TD>
        <TD
    vAlign=top width=13> <P
      align=center>&nbsp;</P></TD>
        <TD
    vAlign=top width=69> <P align=right><font size="2" face="Times New Roman, Times, serif">132.2</font></P></TD>
        <TD
    vAlign=top width=13> <P
      align=center>&nbsp;</P></TD>
        <TD
    vAlign=top width=81> <P align=right><font size="2" face="Times New Roman, Times, serif">68%</font></P></TD>
      </TR>
    </TABLE>
    <P><font size="2" face="Times New Roman, Times, serif">(a)&nbsp; Calculated
      as operating income before equity income, amortization of goodwill and negative
      goodwill, financial results and depreciation and amortization</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">(b) Before equity income
      and financial results.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Ultragaz reported a
      decline of 3% in sales volume in 2002, while the overall LPG market decreased
      5%. Net revenue was R$ 1.942,7 million, a year-on-year increase of&nbsp;
      41%. Oxiteno&#146;s sales mix reported an improved margin profile, and increased
      sales to the domestic market. It`s revenue reached R$ 956.1 million, 15%
      higher than last year, offsetting the decline of 3% in its sales volume.
      At Ultracargo, net revenue grew 25% in 2002, reaching R$ 131.4 million.
      The combination of&nbsp; investment strategies and the focus on constantly
      perfecting our business vision based on people, customers and costs, produced
      an EBITDA growth of 31% at Ultrapar in 2002. Ultragaz&#146;s EBITDA posted a
      growth of 35%, Oxiteno, 32% and Ultracargo 3%. Net income was R$ 222.3 million
      in 2002, 68% higher than the R$ 132.2 million registered in 2001.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P>
    <P><font size="2" face="Times New Roman, Times, serif"><img src="image004.gif">&nbsp;</font></P>
    <P> <font face="Times New Roman, Times, serif"> </font>
    <P><font size="2" face="Times New Roman, Times, serif">In 2002, Ultrapar&#146;s
      total investments were&nbsp; R$ 432.8 million, including the acquisition
      of minority stakes. The principal investments were allocated to technological
      upgrading and improving Ultrapar companies&#146; information systems. Capex was
      also dedicated to extending Ultragaz&#146;s non-residential segment, geographical
      coverage, increasing installed capacity at Oxiteno, renewing Ultracargo&#146;s
      truck fleet&nbsp; and upgrading its tank storage capacity. </font></P>
    <P><font size="2" face="Times New Roman, Times, serif">CONSOLIDATED VALUES
      IN R$ MILLIONS</font></P>
    <TABLE
cellSpacing=0 cellPadding=0 border=0>
      <TR>
        <TD
    vAlign=bottom width=473> <font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></TD>
        <TD width=95 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif"><B>2002</B></font>
          <hr size="1" noshade></TD>
        <TD width=47 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></TD>
        <TD width=83 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif"><B>2001</B></font>
          <hr size="1" noshade></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=473> <P><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></TD>
        <TD width=95 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></TD>
        <TD width=47 align="right"
    vAlign=top> <P
      align=center><font face="Times New Roman, Times, serif"><font size="2"></font></font></TD>
        <TD width=83 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=473> <P><font size="2" face="Times New Roman, Times, serif"><B>Cash
            flow from operating activities:</B></font></TD>
        <TD width=95 align="right"
    vAlign=top><font size="2" face="Times New Roman, Times, serif"><B>466.9</B></font>
          <hr size="1" noshade> </TD>
        <TD width=47 align="right"
    vAlign=top> <font face="Times New Roman, Times, serif"><font size="2"></font></font></TD>
        <TD width=83 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif"><B>338.4</B></font>
          <hr size="1" noshade></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=473> <P><font size="2" face="Times New Roman, Times, serif">Net
            Income</font></TD>
        <TD width=95 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">222.3</font></TD>
        <TD width=47 align="right"
    vAlign=top> <font face="Times New Roman, Times, serif"><font size="2"></font></font></TD>
        <TD width=83 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">132.2</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=473> <P><font size="2" face="Times New Roman, Times, serif">Minority
            Interests</font></TD>
        <TD width=95 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">54.5</font></TD>
        <TD width=47 align="right"
    vAlign=top> <font face="Times New Roman, Times, serif"><font size="2"></font></font></TD>
        <TD width=83 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">72.9</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=473> <P><font size="2" face="Times New Roman, Times, serif">Depreciation
            and Amortization</font></TD>
        <TD width=95 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">121.8</font></TD>
        <TD width=47 align="right"
    vAlign=top> <font face="Times New Roman, Times, serif"><font size="2"></font></font></TD>
        <TD width=83 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">102.4</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=473> <P><font size="2" face="Times New Roman, Times, serif">Changes
            in working capital</font></TD>
        <TD width=95 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">(125.7)</font></TD>
        <TD width=47 align="right"
    vAlign=top> <P
      align=center><font face="Times New Roman, Times, serif"><font size="2"></font></font></TD>
        <TD width=83 align="right"
    vAlign=top> <P
align=center><font size="2" face="Times New Roman, Times, serif">(56.0)</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=473> <P><font size="2" face="Times New Roman, Times, serif">Monetary
            variations (a)</font></TD>
        <TD width=95 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">116.2</font></TD>
        <TD width=47 align="right"
    vAlign=top> <font face="Times New Roman, Times, serif"><font size="2"></font></font></TD>
        <TD width=83 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">74.1</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=473> <P><font size="2" face="Times New Roman, Times, serif">Others
            (b)</font></TD>
        <TD width=95 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">77.8</font></TD>
        <TD width=47 align="right"
    vAlign=top> <font face="Times New Roman, Times, serif"><font size="2"></font></font></TD>
        <TD width=83 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">12.8</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=473> <P><font size="2" face="Times New Roman, Times, serif"><B>Cash
            burn from investment activities:</B></font></TD>
        <TD width=95 align="right"
    vAlign=top><font size="2" face="Times New Roman, Times, serif"><B>(426.4)</B></font>
          <hr size="1" noshade></TD>
        <TD width=47 align="right"
    vAlign=top> <font face="Times New Roman, Times, serif"><font size="2"></font></font></TD>
        <TD width=83 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif"><B>(205.3)</B></font>
          <hr size="1" noshade></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=473> <P><font size="2" face="Times New Roman, Times, serif">Additions
            to PPE and deferred charges (c)</font></TD>
        <TD width=95 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">(220.0)</font></TD>
        <TD width=47 align="right"
    vAlign=top> <font face="Times New Roman, Times, serif"><font size="2"></font></font></TD>
        <TD width=83 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">(203.0)</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=473> <P><font size="2" face="Times New Roman, Times, serif">Acquisition
            of shareholding stakes (including treasury stock)</font></TD>
        <TD width=95 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">(212.8)</font></TD>
        <TD width=47 align="right"
    vAlign=top> <font face="Times New Roman, Times, serif"><font size="2"></font></font></TD>
        <TD width=83 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">(13.8)</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=473> <P><font size="2" face="Times New Roman, Times, serif">Others
            (d)</font></TD>
        <TD width=95 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">6.4</font></TD>
        <TD width=47 align="right"
    vAlign=top> <font face="Times New Roman, Times, serif"><font size="2"></font></font></TD>
        <TD width=83 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">11.5</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=473> <P><font size="2" face="Times New Roman, Times, serif"><B>Cash
            flow (burn) from financing activities:</B></font></TD>
        <TD width=95 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif"><B>(58.5)</B></font>
          <hr size="1" noshade></TD>
        <TD width=47 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></TD>
        <TD width=83 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif"><B>(339.4)</B></font>
          <hr size="1" noshade></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=473> <P><font size="2" face="Times New Roman, Times, serif">Financing</font></TD>
        <TD width=95 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">97.3</font></TD>
        <TD width=47 align="right"
    vAlign=top> <font face="Times New Roman, Times, serif"><font size="2"></font></font></TD>
        <TD width=83 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">54.4</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=473> <P><font size="2" face="Times New Roman, Times, serif">Amortizations</font></TD>
        <TD width=95 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">(42.4)</font></TD>
        <TD width=47 align="right"
    vAlign=top> <font face="Times New Roman, Times, serif"><font size="2"></font></font></TD>
        <TD width=83 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">(136.8)</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=473> <P><font size="2" face="Times New Roman, Times, serif">Dividends</font></TD>
        <TD width=95 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">(60.7)</font></TD>
        <TD width=47 align="right"
    vAlign=top> <font face="Times New Roman, Times, serif"><font size="2"></font></font></TD>
        <TD width=83 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">(244.3)</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=473> <P><font size="2" face="Times New Roman, Times, serif">Others
            </font></TD>
        <TD width=95 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">(52.7)</font></TD>
        <TD width=47 align="right"
    vAlign=top> <font face="Times New Roman, Times, serif"><font size="2"></font></font></TD>
        <TD width=83 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif">(12.7)</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=473> <P><font size="2" face="Times New Roman, Times, serif"><B>Net
            increase (decrease) in cash and marketable securities</B></font></TD>
        <TD width=95 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif"><B>(18.0)</B></font>
          <hr size="1"></TD>
        <TD width=47 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></TD>
        <TD width=83 align="right"
    vAlign=top> <font size="2" face="Times New Roman, Times, serif"><B>(206.3)</B></font>
          <hr size="1"></TD>
      </TR>
    </TABLE>
    <p><font size="2" face="Times New Roman, Times, serif"> </font></p>
    <table width="95%" border="0" cellspacing="5" cellpadding="0">
      <tr>
        <td width="4%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">(a)&nbsp;</font></td>
        <td width="96%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">Does
          not include income from marketable securities. Comprised basically of
          interest and translation of foreign exchange variations on financing
          that are non-cash items.</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">(b)</font></td>
        <td align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">Comprised
          mainly of accrued and deferred taxes, net book value of permanent assets
          written off. </font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">(c)</font></td>
        <td align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">Adjusted
          for long-term PPE acquisitions. Included ICMS on the Property, plant
          and equipment according to Law Complemental no. 102/2000.</font></td>
      </tr>
      <tr>
        <td align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">(d)</font></td>
        <td align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">Comprised
          mainly of fixed asset sales revenue</font></td>
      </tr>
    </table>
    <hr>
    <P><font size="2" face="Times New Roman, Times, serif"><B>(2)&nbsp;&nbsp;&nbsp;
      Corporate Governance</B></font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Since its listing in
      1999, Ultrapar has taken some major initiatives in seeking to improve its
      corporate governance practices. In&nbsp; 2000, the company conceded tag
      along rights to its shareholders assuring equitable treatment to minority
      shareholders in the event of the sale of a controlling stake in the company.
      At Ultrapar, the tag along rights guarantee 100% of the acquisition price
      irrespective of share class. In accordance with the principles of commitment
      to shareholders&#146; interests, in 2001, Ultrapar&nbsp; implemented the system
      for measuring returns using EVA &#150; EconomicValue Added in all the business
      units. Since 2002, all variable executive compensation in the various businesses
      has been linked to performance as measured by EVA. With the objective of
      giving a new dimension to the importance of minority shareholders, and underscoring
      their essential role in creating value, the company extended to them the
      right to elect a representative to the Board of Directors. Ultrapar also
      changed its auditing company in 2002, anticipating the CVM orientation requiring
      the rotation of independent auditors.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif"><B>Corporate Restructuring</B></font></P>
    <P><font size="2" face="Times New Roman, Times, serif">During the course of
      2002, the company underwent a corporate restructuring with the incorporation
      of Gip&oacute;ia and the shares of Oxiteno by Ultrapar. The restructuring sought
      to simplify the corporate structure and concentrate share market liquidity
      into a single vehicle. This operation was given substantial coverage in
      the specialized financial press being cited as the year&#146;s most outstanding
      corporate event. With the completion of the restructuring, Ultrapar&#146;s stake
      in Oxiteno S.A. increased from 48% to 100% of the total capital stock, Oxiteno
      becoming a wholly owned subsidiary. Similarly, through the incorporation
      of Gip&oacute;ia, Ultrapar now holds 100% of Ultragaz Participa&ccedil;&otilde;es&#146; capital.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif"><B>Capital Markets</B></font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Throughout 2002, the
      S&atilde;o Paulo Stock Exchange was adversely impacted by a combination of external
      and, principally, domestic factors. In spite of operating in this extremely
      volatile environment, Ultrapar&#146;s stock exchange performance was a good one
      with its preferred shares appreciating by 33% while the Ibovespa slumped
      17% over the same period. The improvement in the capital markets was not
      limited to an appreciation in the stock price, but also reflected in an
      increase in liquidity. Ultrapar&#146;s average daily trading volume including
      both movement on the S&atilde;o Paulo and New York stock exchanges reported a growth
      of 57% to reach R$ 1,233,000 against an average of R$ 787,000 recorded in
      2001. </font></P>
    <P><font size="2" face="Times New Roman, Times, serif"><B>(3) Added Value</B></font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Ultrapar generated
      added value of R$ 848.0 million in the fiscal year 2002 distributed in accordance
      with the following pie chart:</font></P>
    <P><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B><img src="pie.gif"></font></P>
    <P><font size="2" face="Times New Roman, Times, serif"><B>(4)&nbsp;&nbsp;&nbsp;
      Businesses</B></font></P>
    <P><font size="2" face="Times New Roman, Times, serif"><B>Liquefied Petroleum
      Gas &#150; LPG</B></font></P>
    <P><font size="2" face="Times New Roman, Times, serif"><B><I>Parent</I></B><I>:</I>
      Ultragaz Participa&ccedil;&otilde;es S.A<B>.</B><B>,<I> Subsidiaries</I></B><I>: </I>&nbsp;Companhia
      Ultragaz S.A.; Bahiana Distribuidora de G&aacute;s Ltda. and Uting&aacute;s Armazenadora
      S.A. Ultragaz holds a 19.6% share of the domestic market. The Brazilian
      LPG market has experienced a year of major changes in its structure, notably
      in relation to domestic prices, which were previously subsidized, but are
      now benchmarked to international prices. In 2002, LPG aquisition prices
      reported an average increase of 123%, thus depressing domestic consumption
      which fell 5%. Due to its competitive position in the market, Ultragaz posted
      a better than market performance with a year-on-year decline of 3% and sales
      registering 1,303 thousand tons. Annual net revenue was R$ 1,942.7 million
      and EBITDA, R$ 219.8 million, 41% and 35% higher year-on-year, respectively.
      Investments in operations were R$ 127.8 million, largely for increasing
      UltraSystem&#146;s distribution capacity, in the construction of a new gas filling
      plant and the acquisition of new gas cylinders. Ultragaz divides its operations
      in two segments: the residential segment using 13 kg gas cylinders and the
      non-residential segment. Ultragaz&#146;s growth strategy for the residential
      segment has been through increasing the geographical area covered. In 2001
      two new gas-filling plants were brought on stream: one in the State of Cear&aacute;
      and the other in the State of Rio de Janeiro. During
      2002 a further plant has been built in the State of Minas Gerais,
      to begin operations in 2003. Due&nbsp; to these recent investments, Ultragaz
      now covers practically the whole of the country.&nbsp; Since 1994 company
      has been increasing its coverage in the non-residential segment, which serves
      the commercial and industrial customers. In 1995, Ultragaz pioneered a system
      in Brazil for its commercial customers whereby LPG is supplied directly
      by trucks to large tanks installed at the customers&#146; facilities. This technology,
      known as UltraSystem, has made the supply of LPG much more practical, agile
      and safe, avoiding the handling of numerous gas cylinders. Today, UltraSystem
      largely focuses its business on hotels, apartment buildings, bakeries, restaurants
      and laundries. Ultragaz has successfully held its leadership in market share
      in this segment. The year 2002 not only brought important changes in the
      market for Ultragaz, but also the beginning of a new phase represented by
      the challenge of the &#147;Ultragaz Without Frontiers&#148; project. The project&#146;s
      principal object is to ensure that Ultragaz is recognized for its excellence.
      For this purpose, in 2003, the company is to implement the Balanced Scorecard
      to manage its corporative strategy. The Balanced Scorecard is an instrument
      for continually improving quality, productivity, safety and environmental
      preservation and is aligned to Ultrapar&#146;s business vision, which has as
      its foundation, the focus on people, customers and costs. A Matrix Budget
      System was implemented in 2002 for establishing costs and productivity standards
      using systematic comparisons, developing a set of company cost indicators,
      that will be used as cost parameters in the Balanced Scorecard. In 2003,
      Ultragaz is to conclude the installation of the ERP &#150; Enterprise Resource
      Planning, an integrated management software that will manage and control
      all the operational aspects inside the organization such as procurement,
      sales, billing, inventories and collections, allowing the company to respond
      faster and more reliably and to control its processes more effectively.
      Aiming to reach Ultragaz&#146;s objectives of it&#146;s personnel professional development,
      in 2002 Ultragaz heavily invested in training totaling 26.5 thousand hours,
      an average of 6.5 hours/employee. Ultragaz is the only LPG distributor in
      the South, Southeast, Midwest and Northeast of the country to be ISO 9000
      certified and in 2002, began to implement its Environmental Management program.
      Ultragaz invests systematically in the implementation of Quality Management
      Systems for the dissemination of management concepts to all employees, resulting
      in a continuous improvement in processes and consequently, greater customer
      satisfaction. </font></P>
    <P><font size="2" face="Times New Roman, Times, serif"><B>Chemicals and Petrochemicals</B></font></P>
    <P><font size="2" face="Times New Roman, Times, serif"><I>Parent</I>: Oxiteno
      S.A Industria e Com&eacute;rcio.; S<I>ubsidiary</I>:&nbsp;Oxiteno Nordeste S.A.
      -&nbsp; Ind&uacute;stria e Com&eacute;rcio. Oxiteno is a ethylene oxide and chemical specialties
      producer. The Company began its operations in 1973 and now has four industrial
      plants in the three Brazilian petrochemical complexes. Oxiteno continues
      to report good results thanks in recent years to continuous efforts&nbsp;
      dedicated to upgrading merchandising and technological capabilities, together
      with the training of&nbsp; human resources. Net revenue for 2002 was R$
      956.1 million, year-on-year 15 % higher while net income was R$ 186.9 million
      and 50% up on 2001. The operating cash flow indicator, EBITDA posted R$
      232.6 million, surpassing the figure posted for 2001 by 32%. Oxiteno&#146;s sales
      were 433.5 thousand tons in 2002, year-on-year 3% lower. This reduction
      was largely due to restrictions on raw material supplies following a prolonged
      maintenance stoppage at the company that produces basic chemicals at the
      Cama&ccedil;ari Petrochemical Complex. Oxiteno sold 263.7 thousand tons to the
      domestic market, 3% more than in 2001. The company exported 169.7 thousand
      tons, 10% down in volume terms compared with the preceding year and reflecting
      the priority given to supplying the domestic market in the light of raw
      material shortages. In 2002, Oxiteno invested R$ 55.8 million, principally
      in the industrial area and particularly in projects for increasing the capacity
      of new product lines and optimizing operations. In 2001, Oxiteno implemented
      the Balanced Scorecard system to manage corporate strategy. One of the principal
      spin offs from management practices based on the Balanced Scorecard technique
      is the Value Creation Project which seeks to enhance quality in the relationship
      with Oxiteno&#146;s customer base, transforming this into one more competitive
      advantage. The Project, developed during 2001, was implemented on different
      fronts in 2002, but with the same objective: to anticipate demand and surprise
      the customers with the quality of the products and services. Also in 2002,
      Oxiteno began the process of installing the Oracle Integrated System. The
      principal objectives of this new system are greater velocity in information
      processing, allowing greater time for analysis and strategic decisions,
      the increase in automation levels and the simplification and standardization
      of processes. Initiatives in the Human Resources area include an Appraisal
      Program together with Individual Development Plans compatible with the principal
      short and medium term challenges faced by Oxiteno. The company&#146;s training
      programs in 2002 focused on the areas of management of quality, health,
      safety and environment, production technology and team synergies with a
      behavioral emphasis. These programs totaled 42,280 hours of training, representing
      an average of 46 hours/employee. Oxiteno&#146;s obsession with the customer and
      the desire to attend customer demands and expectations have given birth
      to the Quality Management System, based on the requirements of various international
      standards and programs such as ISO 9001, QS-9000 (the automotive segment),
      ISO 14001, Responsible Care and Good Manufacturing Practices. At the beginning
      of 2002, Oxiteno obtained SA 8000 certification, the first Brazilian chemicals
      industry to do so. The SA 8000 certificate establishes requirements for
      the Quality Management System targeted to Social Responsibility. All Oxiteno&#146;s
      plants are ISO 14001 certified with respect to Environmental Management
      requirements. Oxiteno opened its capital in 1986, and since then its shares
      have been traded on the S&atilde;o Paulo Stock Exchange. Under the recent corporate
      restructuring, Oxiteno&#146;s shares were incorporated by Ultrapar with Oxiteno
      subsequently delisted, the purpose being to better align the interests of
      Oxiteno&#146;s and Ultrapar&#146;s shareholders by creating a single shareholding
      base focused on Ultrapar. Oxiteno Nordeste&#146;s preferred Class B shares were
      auctioned through a public offering as a further initiative designed to
      simplify the corporate structure. Following the auction in April, Oxiteno
      Nordeste&#146;s capital was closed, with Oxiteno&#146;s stake in the Oxiteno Nordeste&#146;s
      total capital stock increasing from 96.6% to 99.0%.</font></P>
    <H3><font size="2" face="Times New Roman, Times, serif">Logistics and Special
      Products Storage</font></H3>
    <font size="2" face="Times New Roman, Times, serif"><B><I>Parent:</I></B>
    Ultracargo Participa&ccedil;&otilde;es Ltda.,<B><I> Subsidiaries: </I></B>Transultra Armazenamento
    e Transporte Especializado Ltda. and Terminal Qu&iacute;mico de Aratu S.A. &#150;
    Tequimar. Ultracargo is currently the sole company in the market to provide
    integrated transport and liquid bulk storage services to the petrochemical
    segment. Ultracargo operates through its Transultra and Tequimar subsidiaries.
    Transultra operates in the field of developing projects of logistics solutions
    for products and operations that require special handling care. Among the
    solutions Transultra offers are integrated multi-modal transportation, loading
    and unloading operations at its customers&#146; installations and the management
    of third party trucking fleets. Tequimar maintains and operates storage installations
    at port terminals and rail junctions for the movement of chemical and petrochemical
    products. It has facilities at Aratu and Cama&ccedil;ari (Bahia), Macei&oacute; (Alagoas),
    Paul&iacute;nia and Santos (S&atilde;o Paulo) and Suape (Pernambuco).
    The company&#146;s considerable storage capacity and the strategic location of
    its assets, facilitates product movement along its multi-modal logistics system.
    Besides storage services, Tequimar offers ship loading and unloading services,
    the operation of pipelines, logistics programming and installation engineering.
    In 2002, Ultracargo faced major challenges due to the continual increases
    in the raw material costs, notably diesel oil. In the storage segment, Ultracargo
    has renewed long term rental contracts for its two terminals at Aratu &#150;
    until 2022 - and Suape - until 2030 in readiness for the expansion of its
    operations in the petrochemical and chemical products segments. The first
    expansion program has already been completed with an increase of 20,000m3
    in storage capacity at the Aratu terminal with new tanks to be in operation
    by February 2003. As part of the process to reduce costs and increase customer
    loyalty, Ultracargo is developing an information technology program known
    as Integra, which will enable it to develop rapid and cheap personalized information
    solutions for its customers. In 2002, 90% of the company&#146;s employees participated
    in training courses for handling dangerous products and safety and ISO 14001
    related matters, among others. Ultracargo has been ISO 9000 certified since
    1996 and is a signatory of ABIQUIM&#146;s &#147;Responsible Action&#148; program. Compared
    with 2001, Ultracargo increased the number of kilometers driven by 38%, its
    net revenue by 25% and EBITDA by 3%.</font>
    <P><font size="2" face="Times New Roman, Times, serif"><B>OUTLOOK</B></font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Ultrapar has reported
      significant growth of 28%&ordf;&ordf; in net revenue and 30%&ordf;&ordf; in EBITDA over the
      past five years. It continues alert to new growth opportunities, always
      having as a parameter, the creation of value as its core business philosophy.
      Combining planning, modernization and consistency of investments, Ultragaz
      has been successful in its objective of providing the market with an outstandingly
      competitive service. Over the next few years, Ultragaz should continue to
      report outstanding results thanks to the geographical expansion which has
      already taken place. Through the development of new technologies, the improvement
      in employee skills and the daily effort being made to reduce production
      costs, Oxiteno has been investing in the quality of its products. Always
      focused on the principle of doing more and doing it better, in 2003, Oxiteno
      will continue pursuing growth targets through the search for opportunities,
      product development, prospecting new markets or through the acquisition
      of new businesses. Ultracargo is expected to continue expanding its businesses.
      In 2003 the company is scheduled to start the construction of a new bulk
      liquids terminal in Santos in line with the growing foreign trade
      in petrochemicals, vegetable oils and alcohol. A construction of a new liquid
      terminal in Santos (S&atilde;o Paulo) is scheduled to take
      place in 2003, following the growth in oil, oil derivatives and alcohol
      international trade. With the commencement&nbsp; of the new Brazilian President
      and the more optimistic outlook which, little by little, is beginning to
      materialize, the challenges will continue to increasingly demand much more
      from those companies, which like Ultrapar, wish to become&nbsp; benchmarks
      of excellence. We are convinced that we are more solid and better structured
      to move forward and transform the opportunities that arise into reality.
      Finally, we wish to thank all those that have collaborated to making 2002
      as one more year of important achievements for the company.</font></P>
    <H4 align=right><font size="2" face="Times New Roman, Times, serif">The Management&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></H4>
    <hr>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">1.&nbsp;&nbsp;
      OPERATIONS</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">The Company invests
      in commercial and industrial activities, and also subscribes for or purchases
      shares and quotas of other companies with similar activities.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Through its subsidiaries,
      the Company distributes liquefied petroleum gas - LPG in Brazil, produces
      and sells chemical and petrochemical products, and transports and stores
      LPG and chemical products.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">2.&nbsp;&nbsp; PRESENTATION
      OF THE FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">The accounting practices
      adopted to record transactions and prepare the financial statements are
      those prescribed by Brazilian corporate law and specific standards established
      by the Brazilian Securities Commission (CVM).</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Determination of net income</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Determined on the accrual
      basis of accounting.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Current and noncurrent assets</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Temporary cash investments,
      which consist mostly of fixed income securities, are stated at cost, plus
      accrued earnings (on a &#147;pro rata temporis&#148; basis). The recorded balances
      approximate market value.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">The allowance for doubtful
      accounts is based on estimated losses and is considered by management to
      be sufficient to cover potential losses on the realization of accounts receivable.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Inventories are stated
      at the average cost of acquisition or production, or at market or net realizable
      value, whichever is lower.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Other assets are stated
      at the lower of cost or probable realizable values, including, when applicable,
      accrued earnings and monetary variations or net of allowances for potential
      losses.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Permanent assets</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Stated at cost monetarily
      restated through
Year="1995">December 31, 1995, and in nominal amounts from that date, combined
      with the following aspects:</font></P>
  </DIV>
  <ul>
    <li>
      <DIV><font size="2" face="Times New Roman, Times, serif"> Significant investments
        in subsidiary and associated companies are recorded under the equity method,
        as shown in Note 11. </font></DIV>
    </li>
    <li>
      <DIV><font size="2" face="Times New Roman, Times, serif"> Property, plant
        and equipment include revaluation write-ups based on appraisal reports
        issued by independent appraisers.</font></DIV>
    </li>
    <li>
      <DIV><font size="2" face="Times New Roman, Times, serif"> Depreciation is
        calculated on the straight-line basis at the annual rates described in
        Note 12, based on the economic useful lives of the assets.</font></DIV>
    </li>
    <li>
      <DIV><font size="2" face="Times New Roman, Times, serif">Deferred charges
        mainly comprise costs incurred in the implementation of projects to install
        equipment at customers&#146; facilities and projects to modernize systems,
        as mentioned in Note 13. </font></DIV>
    </li>
  </ul>
  <DIV>
    <P><font size="2" face="Times New Roman, Times, serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Current and long-term liabilities</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Stated at known or
      estimated amounts including, when applicable, accrued charges and monetary
      variations. The accrual for income tax includes tax incentives, when applicable.
      Deferred income and social contribution taxes on temporary differences are
      recorded as set forth by CVM Resolution No. 273/98.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Reclassifications - statements of income</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">To comply with the
      provisions of CVM Circular No. 01/03, the amounts related to employees&#146;
      profit sharing for the Company and its subsidiaries were recorded separately
      under operating expenses in 2002 and 2001.</font></P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">3.&nbsp;&nbsp;&nbsp;&nbsp;
      CONSOLIDATION PRINCIPLES</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">The consolidated financial
      statements were prepared in conformity with the consolidation principles
      determined in Brazilian corporate law and standards established by the CVM,
      and include the following direct and indirect subsidiaries:</font></P>
    <P>&nbsp;</P>
    <TABLE
cellSpacing=0 cellPadding=0 border=0>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P></TD>
        <TD colSpan=4 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">Ownership
            - %</font>
            <hr>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P></TD>
        <TD colSpan=2 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2002</font>
            <hr>
          </DIV></TD>
        <TD colSpan=2 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2001</font>
            <hr>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P></TD>
        <TD
    vAlign=bottom width=103> <DIV>
            <P
      align=center><font size="2" face="Times New Roman, Times, serif">Direct</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=89> <DIV>
            <P
      align=center><font size="2" face="Times New Roman, Times, serif">Indirect</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=101> <DIV>
            <P
      align=center><font size="2" face="Times New Roman, Times, serif">Direct</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=89> <DIV>
            <P
      align=center><font size="2" face="Times New Roman, Times, serif">Indirect</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581>&nbsp; </TD>
        <TD colspan="4"
    vAlign=bottom> <hr> </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Ultragaz
            Participa&ccedil;&otilde;es S.A.</font></P></TD>
        <TD
    vAlign=bottom width=103> <P align=right><font size="2" face="Times New Roman, Times, serif">100&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P align=right><font size="2" face="Times New Roman, Times, serif">77&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;
            Companhia Ultragaz S.A.</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P
      align=right><font size="2" face="Times New Roman, Times, serif">86&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">66&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;
            Bahiana Distribuidora de G&aacute;s Ltda.</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">77&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;
            Uting&aacute;s Armazenadora S.A.</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P
      align=right><font size="2" face="Times New Roman, Times, serif">56&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">43&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;
            LPG International Inc.</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Ultraqu&iacute;mica
            Participa&ccedil;&otilde;es S.A.</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;
            Ultraqu&iacute;mica Florestal Ltda.</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">100&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;
            Melamina Ultra S.A. Ind&uacute;stria Qu&iacute;mica</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P
      align=right><font size="2" face="Times New Roman, Times, serif">93&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">93&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;
            Oleoqu&iacute;mica do Nordeste Ltda.</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">100&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Oxiteno S.A.
            - Ind&uacute;stria e Com&eacute;rcio</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">48&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;
            Cama&ccedil;ari Renovada S.A.</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">48&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;
            Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P
      align=right><font size="2" face="Times New Roman, Times, serif">99&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">46&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;
            Oxiteno International Co.</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">48&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;
            &nbsp; Oxiteno Overseas Co.</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">48&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Ultracargo
            Participa&ccedil;&otilde;es Ltda. </font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;
            Transultra - Armazenamento e Transporte Especializado Ltda.</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">100&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;
            Terminal Qu&iacute;mico de Aratu S.A. &#150; Tequimar </font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P
      align=right><font size="2" face="Times New Roman, Times, serif">99&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">89&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Ultratecno
            Participa&ccedil;&otilde;es Ltda. </font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Ultradata
            S/C Ltda. </font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Imaven Im&oacute;veis
            e Agropecu&aacute;ria Ltda.</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=581> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;
            Imaven Importadora e Exportadora Ltda.</font></P></TD>
        <TD
    vAlign=bottom width=103> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=101> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">98&nbsp;</font></P></TD>
      </TR>
    </TABLE>
    <P><font size="2" face="Times New Roman, Times, serif">Intercompany investments,
      asset and liability balances, income and expenses, as well as the effects
      arising from significant intercompany transactions, were eliminated. Minority
      interest in subsidiary companies is presented separately in the financial
      statements.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">In March 2002, the
      subsidiary Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio made a public offer for the
      acquisition of the shares of its subsidiary Oxiteno Nordeste S.A. - Ind&uacute;stria
      e Com&eacute;rcio.&nbsp; This public offer was concluded on  April
      16, 2002 with the acquisition of 93,871 shares of&nbsp; Oxiteno Nordeste
      S.A. - Ind&uacute;stria e Com&eacute;rcio by Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio, representing
      approximately 73.3% of the shares held by minority stockholders. Oxiteno
      S.A. - Ind&uacute;stria e Com&eacute;rcio, which previously held 97% of the total capital
      of Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio, became the holder of a
      99% interest. On May 22, 2002, the registration of Oxiteno Nordeste S.A. - Ind&uacute;stria
      e Com&eacute;rcio as a public company with the Brazilian Securities Commission
      (CVM) was canceled. </font></P>
    <P><font size="2" face="Times New Roman, Times, serif">In November 2002, Imaven
      Importadora e Exportadora Ltda. and Cama&ccedil;ari Renovada S.A. were extinguished,
      and Ultraqu&iacute;mica Florestal Ltda. and Ultradata S/C Ltda. were merged into
      Oleoqu&iacute;mica do Nordeste Ltda. and Ultraqu&iacute;mica Participa&ccedil;&otilde;es S.A., respectively.</font></P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">4.&nbsp;&nbsp;&nbsp;&nbsp;
      CORPORATE REORGANIZATION</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">In 2002, the Company
      undertook a corporate reorganization, disclosed in a relevant event published
      on  October 15, 2002, and approved
      at the Extraordinary Stockholders&#146; Meeting on  October
      30, 2002. This reorganization was primarily aimed at: (i) streamlining the
      corporate structure of subsidiaries and associated companies, (ii) cost
      rationalization, and (iii) concentration of capital market liquidity in
      one company. The main effects of the reorganization were:</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">I)&nbsp;&nbsp;&nbsp;
      Merger of Gip&oacute;ia Participa&ccedil;&otilde;es Ltda.: increase of the Company&#146;s interest
      in Ultragaz Participa&ccedil;&otilde;es S.A., from 77% to 100% of total capital, with
      the issuance of 7,850,603,880 common shares.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">II)&nbsp;&nbsp; Merger
      of Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio Shares: increase of the Company&#146;s
      interest in Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio, from 48% to 100% of total
      capital. With the merger, 5,430,005,398 common shares and 3,410,659,550
      preferred shares were issued by the Company to the stockholders of Oxiteno
      S.A. - Ind&uacute;stria e Com&eacute;rcio, who opted to remain with the Company. The dissident
      stockholders of Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio were paid a total of
      R$ 208,028, net of withholding income tax.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">The corporate reorganization
      was based on the balance sheets as of
June 30, 2002. As a consequence, the Company had
      full participation in the results of Ultragaz Participa&ccedil;&otilde;es S.A. and Oxiteno
      S.A. - Ind&uacute;stria e Com&eacute;rcio beginning  July
      1, 2002.</font></P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      TEMPORARY CASH INVESTMENTS</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">These investments,
      contracted with first-line banks, are comprised substantially of fixed income
      securities, funds linked to interbank deposit (CDI) rates and currency hedge,
      which are stated at cost plus accrued income (on a &#147;pro rata temporis&#148; basis).</font></P>
    <TABLE
cellSpacing=0 cellPadding=0 border=0>
      <TR>
        <TD
    vAlign=top width=428> <P><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P></TD>
        <TD width=156 colSpan=2 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">Company</font>
            <hr>
          </DIV></TD>
        <TD width=176 colSpan=2 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">Consolidated</font>
            <hr>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=428> <P><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P></TD>
        <TD width=78 align="center"
    vAlign=top> <DIV> <font size="2" face="Times New Roman, Times, serif">2002</font>
            <hr>
          </DIV></TD>
        <TD width=78 align="center"
    vAlign=top> <DIV> <font size="2" face="Times New Roman, Times, serif">2001</font>
            <hr>
          </DIV></TD>
        <TD width=88 align="center"
    vAlign=top> <DIV> <font size="2" face="Times New Roman, Times, serif">2002</font>
            <hr>
          </DIV></TD>
        <TD width=88 align="center"
    vAlign=top> <DIV> <font size="2" face="Times New Roman, Times, serif">2001</font>
            <hr>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=428> <P><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P></TD>
        <TD
    vAlign=top width=78> <P><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P></TD>
        <TD
    vAlign=top width=78> <P><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P></TD>
        <TD
    vAlign=top width=88> <P><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P></TD>
        <TD
    vAlign=top width=88> <P><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=428> <P><font size="2" face="Times New Roman, Times, serif">Fixed
            income securities and funds</font></P></TD>
        <TD
    vAlign=top width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">78,984&nbsp;</font></P></TD>
        <TD
    vAlign=top width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">41,589&nbsp;</font></P></TD>
        <TD
    vAlign=top width=88> <P
      align=right><font size="2" face="Times New Roman, Times, serif">417,879&nbsp;</font></P></TD>
        <TD
    vAlign=top width=88> <P
      align=right><font size="2" face="Times New Roman, Times, serif">556,691&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=428> <P><font size="2" face="Times New Roman, Times, serif">Foreign
            investments (*)</font></P></TD>
        <TD
    vAlign=top width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=top width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=top width=88> <P
      align=right><font size="2" face="Times New Roman, Times, serif">127,019&nbsp;</font></P></TD>
        <TD
    vAlign=top width=88> <P
      align=right><font size="2" face="Times New Roman, Times, serif">81,104&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=428> <P><font size="2" face="Times New Roman, Times, serif">Bills
            of exchange</font></P></TD>
        <TD
    vAlign=top width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=top width=78> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=top width=88> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=top width=88> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,310&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=428> <P><font size="2" face="Times New Roman, Times, serif">Currency
            hedge (**)</font></P></TD>
        <TD
    vAlign=top width=78> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=top width=78> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=top width=88> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">39,472&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=top width=88> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">(19,769)</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=428> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=78><hr> </TD>
        <TD
    vAlign=top width=78> <hr> </TD>
        <TD
    vAlign=top width=88> <hr> </TD>
        <TD
    vAlign=top width=88> <hr> </TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=428> </TD>
        <TD width=78 align="right"
    vAlign=top> <DIV> <font size="2" face="Times New Roman, Times, serif">78,984</font>
            <hr>
            <font size="2" face="Times New Roman, Times, serif">&nbsp;</font>
          </DIV></TD>
        <TD width=78 align="right"
    vAlign=top> <DIV> <font size="2" face="Times New Roman, Times, serif">41,589</font>
            <hr>
            <font size="2" face="Times New Roman, Times, serif">&nbsp;</font>
          </DIV></TD>
        <TD width=88 align="right"
    vAlign=top> <DIV> <font size="2" face="Times New Roman, Times, serif">584,370</font>
            <hr>
            <font size="2" face="Times New Roman, Times, serif">&nbsp;</font>
          </DIV></TD>
        <TD width=88 align="right"
    vAlign=top> <DIV> <font size="2" face="Times New Roman, Times, serif">620,336</font>
            <hr>
            <font size="2" face="Times New Roman, Times, serif">&nbsp;</font>
          </DIV></TD>
      </TR>
    </TABLE>
    <P><font size="2" face="Times New Roman, Times, serif">(*)&nbsp;&nbsp;&nbsp;
      Investments made by the indirect subsidiary Oxiteno Overseas Co., principally
      in money market funds.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">(**)&nbsp; Accumulated
      gain or loss on swap positions. The total amount hedged through these swaps
      is US$ 104,668 thousand.</font></P>
    <P>&nbsp;</P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      ACCOUNTS RECEIVABLE (CONSOLIDATED)</font></P>
    <TABLE
cellSpacing=0 cellPadding=0 border=0>
      <TR>
        <TD
    vAlign=bottom width=585> <P>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=88> <DIV>
            <P
      align=center><strong><font size="2" face="Times New Roman, Times, serif">2002</font></strong></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=88> <DIV>
            <P
      align=center><strong><font size="2" face="Times New Roman, Times, serif">2001</font></strong></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=585> <P align=left>&nbsp;</P></TD>
        <TD
    vAlign=top width=88> <P align=right>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=88> <P align=right>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=585> <P align=left><font size="2" face="Times New Roman, Times, serif">Local
            customers </font></P></TD>
        <TD
    vAlign=bottom width=88> <P align=right><font size="2" face="Times New Roman, Times, serif">246,080&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=88> <P align=right><font size="2" face="Times New Roman, Times, serif">148,477&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=585> <P align=left><font size="2" face="Times New Roman, Times, serif">Foreign
            customers</font></P></TD>
        <TD
    vAlign=bottom width=88> <P align=right><font size="2" face="Times New Roman, Times, serif">81,373&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=88> <P align=right><font size="2" face="Times New Roman, Times, serif">59,826&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=585> <P align=left><font size="2" face="Times New Roman, Times, serif">(-)
            Advances on foreign exchange contracts</font></P></TD>
        <TD
    vAlign=bottom width=88> <P align=right><font size="2" face="Times New Roman, Times, serif">(43,400)</font></P></TD>
        <TD
    vAlign=bottom width=88> <P align=right><font size="2" face="Times New Roman, Times, serif">(49,648)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=585> <P align=left><font size="2" face="Times New Roman, Times, serif">(-)
            Allowance for doubtful accounts</font></P></TD>
        <TD
    vAlign=bottom width=88> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif"><u>(12,399)</u></font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=88> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif"><u>(9,383)</u></font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=585> <P align=left>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=88> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif"><u>271,654&nbsp;</u></font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=88> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif"><u>149,272&nbsp;</u></font></P>
          </DIV></TD>
      </TR>
    </TABLE>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      INVENTORIES (CONSOLIDATED)</font></P>
    <TABLE
cellSpacing=0 cellPadding=0 border=0>
      <TR>
        <TD
    vAlign=bottom width=560> <P><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P></TD>
        <TD
    vAlign=top width=101> <DIV>
            <P
      align=center><strong><font size="2" face="Times New Roman, Times, serif">2002</font></strong></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=101> <DIV>
            <P
      align=center><strong><font size="2" face="Times New Roman, Times, serif">2001</font></strong></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=560> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=101> <P align=right>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=101> <P align=right>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=560> <P><font size="2" face="Times New Roman, Times, serif">Finished
            products</font></P></TD>
        <TD
    vAlign=top width=101> <P align=right><font size="2" face="Times New Roman, Times, serif">67,565</font></P></TD>
        <TD
    vAlign=bottom width=101> <P align=right><font size="2" face="Times New Roman, Times, serif">59,540</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=560> <P><font size="2" face="Times New Roman, Times, serif">Raw
            material</font></P></TD>
        <TD
    vAlign=top width=101> <P align=right><font size="2" face="Times New Roman, Times, serif">20,070</font></P></TD>
        <TD
    vAlign=bottom width=101> <P align=right><font size="2" face="Times New Roman, Times, serif">15,384</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=560> <P><font size="2" face="Times New Roman, Times, serif">Liquefied
            petroleum gas (LPG)</font></P></TD>
        <TD
    vAlign=top width=101> <P align=right><font size="2" face="Times New Roman, Times, serif">7,908</font></P></TD>
        <TD
    vAlign=bottom width=101> <P align=right><font size="2" face="Times New Roman, Times, serif">7,844</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=560> <P><font size="2" face="Times New Roman, Times, serif">Supplies
            and cylinders for resale</font></P></TD>
        <TD
    vAlign=top width=101> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif"><u>10,707</u></font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=101> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif"><u>11,699</u></font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=560> <P>&nbsp;</P></TD>
        <TD
    vAlign=top width=101> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif"><u>106,250</u></font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=101> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif"><u>94,467</u></font></P>
          </DIV></TD>
      </TR>
    </TABLE>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      RECOVERABLE TAXES</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Represented, substantially,
      by credit balances of State Value-Added Tax - ICMS, Federal Excise Tax -
      IPI, and prepaid income and social contribution taxes, for offset against
      future taxes payable. </font></P>
    <TABLE
cellSpacing=0 cellPadding=0 border=0>
      <TR>
        <TD
    vAlign=top width=563> <P
      align=left>&nbsp;</P></TD>
        <TD
    vAlign=bottom colSpan=2> <DIV>
            <P
      align=center><strong><font size="2" face="Times New Roman, Times, serif">Company</font></strong></P>
          </DIV></TD>
        <TD
    vAlign=bottom colSpan=2> <DIV>
            <P
      align=center><strong><font size="2" face="Times New Roman, Times, serif">Consolidated</font></strong></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=563> <P
      align=left>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=88> <DIV>
            <P
      align=center><strong><font size="2" face="Times New Roman, Times, serif">2002</font></strong></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=94> <DIV>
            <P
      align=center><strong><font size="2" face="Times New Roman, Times, serif">2001</font></strong></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=88> <DIV>
            <P
      align=center><strong><font size="2" face="Times New Roman, Times, serif">2002</font></strong></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=83> <DIV>
            <P
      align=center><strong><font size="2" face="Times New Roman, Times, serif">2001</font></strong></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=563> <P
      align=left>&nbsp;</P></TD>
        <TD colspan="4"
    vAlign=top><hr></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=563> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Income and
            social contribution taxes</font></P></TD>
        <TD
    vAlign=top width=88> <P
      align=right><font size="2" face="Times New Roman, Times, serif">13,744</font></P></TD>
        <TD
    vAlign=top width=94> <P
      align=right><font size="2" face="Times New Roman, Times, serif">15,012</font></P></TD>
        <TD
    vAlign=top width=88> <P
      align=right><font size="2" face="Times New Roman, Times, serif">68,288</font></P></TD>
        <TD
    vAlign=top width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">54,129</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=563> <P
      align=left><font size="2" face="Times New Roman, Times, serif">State Value-Added
            Tax - ICMS</font></P></TD>
        <TD
    vAlign=top width=88> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-</font></P></TD>
        <TD
    vAlign=top width=94> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-</font></P></TD>
        <TD
    vAlign=top width=88> <P
      align=right><font size="2" face="Times New Roman, Times, serif">42,561</font></P></TD>
        <TD
    vAlign=top width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">59,564</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=563> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Federal Excise
            Tax - IPI</font></P></TD>
        <TD
    vAlign=top width=88> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-</font></P></TD>
        <TD
    vAlign=top width=94> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-</font></P></TD>
        <TD
    vAlign=top width=88> <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,876</font></P></TD>
        <TD
    vAlign=top width=83> <P
      align=right><font size="2" face="Times New Roman, Times, serif">6,159</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=563> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Other</font></P></TD>
        <TD
    vAlign=top width=88> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">-</font></P>
          </DIV></TD>
        <TD
    vAlign=top width=94> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">-</font></P>
          </DIV></TD>
        <TD
    vAlign=top width=88> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">2,335</font></P>
          </DIV></TD>
        <TD
    vAlign=top width=83> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,346</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=top>&nbsp;</TD>
        <TD colspan="4"
    vAlign=top><hr></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=563> <P align=left><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P></TD>
        <TD
    vAlign=top width=88> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">13,744</font></P>
          </DIV></TD>
        <TD
    vAlign=top width=94> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">15,012</font></P>
          </DIV></TD>
        <TD
    vAlign=top width=88> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">115,060</font></P>
          </DIV></TD>
        <TD
    vAlign=top width=83> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">121,198</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=top>&nbsp;</TD>
        <TD colspan="4"
    vAlign=top><hr size="2"></TD>
      </TR>
    </TABLE>
  </DIV>
  <font size="2" face="Times New Roman, Times, serif"><BR
clear=all>
  </font>
  <DIV>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      RELATED COMPANIES</font></P>
    <TABLE
cellSpacing=3 cellPadding=0 border=0>
      <TR>
        <TD
    vAlign=bottom width=372>&nbsp; </TD>
        <TD colSpan=2 align="center"
    vAlign=bottom> <DIV> <font size="1"><strong><font face="Times New Roman, Times, serif">
            Company</font></strong></font>
            <hr>
          </DIV></TD>
        <TD colSpan=7 align="center"
    vAlign=bottom> <DIV> <font size="1"><strong><font face="Times New Roman, Times, serif">Consolidated
            </font></strong></font>
            <hr>
            <font size="1"><strong><font face="Times New Roman, Times, serif">
            </font></strong></font> </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372>&nbsp; </TD>
        <TD colSpan=2 align="center"
    vAlign=bottom> <DIV> <font size="1"><strong><font face="Times New Roman, Times, serif">Loans
            </font></strong></font>
            <hr>
            <font size="1"><strong><font face="Times New Roman, Times, serif">
            </font></strong></font> </DIV></TD>
        <TD colSpan=2 align="center"
    vAlign=bottom> <DIV> <font size="1"><strong><font face="Times New Roman, Times, serif">Loans</font></strong>
            </font>
            <hr>
            <font size="1"> </font> </DIV></TD>
        <TD colSpan=2 align="center"
    vAlign=bottom> <DIV> <font size="1"><strong><font face="Times New Roman, Times, serif">Trade
            accounts</font></strong></font>
            <hr>
          </DIV></TD>
        <TD colSpan=2 align="center"
    vAlign=bottom> <DIV> <font size="1"><strong><font face="Times New Roman, Times, serif">Transactions
            </font></strong></font>
            <hr>
            <font size="1"><strong><font face="Times New Roman, Times, serif">
            </font></strong></font> </DIV></TD>
        <TD width=77 rowspan="2" align="center"
    vAlign=bottom><font size="1"><strong><font face="Times New Roman, Times, serif">Financial<br>
          income (expense)</font></strong></font> <hr></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372>&nbsp; </TD>
        <TD width=58 align="center"
    vAlign=bottom> <DIV> <font size="1"><strong><font face="Times New Roman, Times, serif">Assets</font></strong>
            </font>
            <hr>
            <font size="1"> </font> </DIV></TD>
        <TD width=62 align="center"
    vAlign=bottom> <DIV> <font size="1"><strong> <font face="Times New Roman, Times, serif">Liabilities</font></strong></font>
            <hr>
          </DIV></TD>
        <TD width=61 align="center"
    vAlign=bottom> <DIV> <font size="1"><strong><font face="Times New Roman, Times, serif">
            Assets</font></strong></font>
            <hr>
          </DIV></TD>
        <TD width=60 align="center"
    vAlign=bottom> <DIV> <font size="1"><strong> <font face="Times New Roman, Times, serif">Liabilities</font></strong></font>
            <hr>
          </DIV></TD>
        <TD width=70 align="center"
    vAlign=bottom> <DIV> <font size="1"><strong> <font face="Times New Roman, Times, serif">Receivable</font></strong></font>
            <hr>
          </DIV></TD>
        <TD width=73 align="center"
    vAlign=bottom> <DIV> <font size="1"><strong><font face="Times New Roman, Times, serif">Payable</font></strong></font>
            <hr>
          </DIV></TD>
        <TD width=57 align="center"
    vAlign=bottom> <DIV> <font size="1"><strong> <font face="Times New Roman, Times, serif">Sales</font></strong></font>
            <hr>
          </DIV></TD>
        <TD width=72 align="center"
    vAlign=bottom> <DIV> <font size="1"> <strong><font face="Times New Roman, Times, serif">Purchases</font></strong></font>
            <hr>
          </DIV></TD>
        <td width="1">&nbsp;</td>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372>&nbsp; </TD>
        <TD width=58 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=62 align="center"
    vAlign=bottom>&nbsp;</TD>
        <TD width=61 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=60 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=70 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=73 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=57 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=72 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=77 align="center"
    vAlign=bottom>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372> <font size="2" face="Times New Roman, Times, serif">Ultraqu&iacute;mica
          Participa&ccedil;&otilde;es S.A.</font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">35</font></TD>
        <TD width=62 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">387,160</font></TD>
        <TD width=61 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=60 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=70 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=73 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=57 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=72 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=77 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372> <font size="2" face="Times New Roman, Times, serif">Serma
          Associa&ccedil;&atilde;o dos Usu&aacute;rios de Equipamentos de<BR>
          &nbsp;&nbsp; Processamentos de Dados e Servi&ccedil;os Correlatos</font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=62 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">2,287</font></TD>
        <TD width=61 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">778</font></TD>
        <TD width=60 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">2,287</font></TD>
        <TD width=70 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=73 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">398</font></TD>
        <TD width=57 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=72 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=77 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372> <font size="2" face="Times New Roman, Times, serif">Petroqu&iacute;mica
          Uni&atilde;o S.A.</font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=62 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=61 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=60 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=70 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=73 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">3,579</font></TD>
        <TD width=57 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=72 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">64,530</font></TD>
        <TD width=77 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372> <font size="2" face="Times New Roman, Times, serif">Oxicap
          Ind&uacute;stria de Gases Ltda.</font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=62 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=61 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=60 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=70 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=73 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">539</font></TD>
        <TD width=57 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">12</font></TD>
        <TD width=72 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">4,905</font></TD>
        <TD width=77 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372> <font size="2" face="Times New Roman, Times, serif">Agip
          do Brasil S.A.</font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=62 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=61 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=60 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=70 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">181</font></TD>
        <TD width=73 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=57 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">3,287</font></TD>
        <TD width=72 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=77 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372> <font size="2" face="Times New Roman, Times, serif">Companhia
          Ultragaz S.A.</font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">36,978</font></TD>
        <TD width=62 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=61 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=60 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=70 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=73 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=57 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=72 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=77 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372> <font size="2" face="Times New Roman, Times, serif">Ultracargo
          Participa&ccedil;&otilde;es Ltda.</font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=62 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">2,130</font></TD>
        <TD width=61 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=60 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=70 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=73 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=57 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=72 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=77 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372> <font size="2" face="Times New Roman, Times, serif">Ultratecno
          Participa&ccedil;&otilde;es Ltda.</font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">9,587</font></TD>
        <TD width=62 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">8,148</font></TD>
        <TD width=61 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=60 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=70 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=73 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=57 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=72 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=77 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372> <font size="2" face="Times New Roman, Times, serif">Qu&iacute;mica
          da Bahia Ind&uacute;stria e Com&eacute;rcio S.A.</font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=62 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=61 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=60 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">6,641</font></TD>
        <TD width=70 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=73 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=57 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">8</font></TD>
        <TD width=72 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">1</font></TD>
        <TD width=77 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">(631)</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372> <font size="2" face="Times New Roman, Times, serif">Imaven
          Im&oacute;veis e Agropecu&aacute;ria Ltda.</font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=62 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">22,673</font></TD>
        <TD width=61 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=60 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=70 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=73 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=57 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=72 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=77 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372> <font size="2" face="Times New Roman, Times, serif">Petr&oacute;leo
          Brasileiro S.A. - Petrobras</font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=62 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=61 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=60 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=70 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=73 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">13,896</font></TD>
        <TD width=57 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">37</font></TD>
        <TD width=72 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">1,334,806</font></TD>
        <TD width=77 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372> <font size="2" face="Times New Roman, Times, serif">Petrogaz
          Distribuidora S.A. </font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=62 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=61 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=60 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=70 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">31</font></TD>
        <TD width=73 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=57 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">557</font></TD>
        <TD width=72 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">2,180</font></TD>
        <TD width=77 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372> <font size="2" face="Times New Roman, Times, serif">Copagaz
          Distribuidora de G&aacute;s S.A.</font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=62 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=61 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=60 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=70 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">53</font></TD>
        <TD width=73 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=57 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">1,141</font></TD>
        <TD width=72 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=77 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372> <font size="2" face="Times New Roman, Times, serif">Oleoqu&iacute;mica
          do Nordeste Ltda.</font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=62 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">35,524</font></TD>
        <TD width=61 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=60 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=70 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=73 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=57 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=72 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=77 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372> <font size="2" face="Times New Roman, Times, serif">Braskem
          S.A.</font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=62 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=61 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=60 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=70 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=73 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">13,070</font></TD>

        <TD width=57 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">38,567</font></TD>
        <TD width=72 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">271,202</font></TD>
        <TD width=77 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372> <font size="2" face="Times New Roman, Times, serif">Supergasbras
          Distribuidora de G&aacute;s S.A.</font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=62 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=61 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=60 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=70 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">114</font></TD>
        <TD width=73 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=57 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">1,934</font></TD>
        <TD width=72 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=77 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372> <font size="2" face="Times New Roman, Times, serif">Cia.
          Termel&eacute;trica do Planalto Paulista - TPP</font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=62 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=61 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">1,049</font></TD>
        <TD width=60 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=70 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=73 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=57 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=72 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=77 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">257&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372> <font size="2" face="Times New Roman, Times, serif">Plenog&aacute;s
          &#150; Distribuidora de G&aacute;s S.A.</font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=62 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=61 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=60 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">1,032</font></TD>
        <TD width=70 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=73 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=57 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=72 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font></TD>
        <TD width=77 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=372> <font size="2" face="Times New Roman, Times, serif">Other
          related companies</font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">94</font>
            <hr>
          </DIV></TD>
        <TD width=62 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">675</font>
            <hr>
          </DIV></TD>
        <TD width=61 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">776</font>
            <hr>
          </DIV></TD>
        <TD width=60 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">257</font>
            <hr>
          </DIV></TD>
        <TD width=70 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">78</font>
            <hr>
          </DIV></TD>
        <TD width=73 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">414</font>
            <hr>
          </DIV></TD>
        <TD width=57 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">1,388</font>
            <hr>
          </DIV></TD>
        <TD width=72 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">1,076</font>
            <hr>
          </DIV></TD>
        <TD width=77 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font>
            <hr>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372>&nbsp; </TD>
        <TD width=58 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=62 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=61 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=60 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=70 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=73 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=57 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=72 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=77 align="center"
    vAlign=bottom>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=372> <font size="2" face="Times New Roman, Times, serif">Total
          as of December 31, 2002</font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">46,694</font>
            <hr>
          </DIV></TD>
        <TD width=62 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">458,597</font>
            <hr>
          </DIV></TD>
        <TD width=61 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2,603</font>
            <hr>
          </DIV></TD>
        <TD width=60 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">10,217</font>
            <hr>
          </DIV></TD>
        <TD width=70 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">457</font>
            <hr>
          </DIV></TD>
        <TD width=73 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">31,896</font>
            <hr>
          </DIV></TD>
        <TD width=57 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">46,931</font>
            <hr>
          </DIV></TD>
        <TD width=72 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">1,678,700</font>
            <hr>
          </DIV></TD>
        <TD width=77 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">(374)</font>
            <hr>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372>&nbsp; </TD>
        <TD width=58 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=62 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=61 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=60 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=70 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=73 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=57 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=72 align="center"
    vAlign=bottom>&nbsp; </TD>
        <TD width=77 align="center"
    vAlign=bottom>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=372> <font size="2" face="Times New Roman, Times, serif">Total
          as of  December 31, 2001</font></TD>
        <TD width=58 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">97,198</font>
            <hr>
          </DIV></TD>
        <TD width=62 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">74,810</font>
            <hr>
          </DIV></TD>
        <TD width=61 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">1,680</font>
            <hr>
          </DIV></TD>
        <TD width=60 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">11,036</font>
            <hr>
          </DIV></TD>
        <TD width=70 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">595</font>
            <hr>
          </DIV></TD>
        <TD width=73 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">42,591</font>
            <hr>
          </DIV></TD>
        <TD width=57 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">18,383</font>
            <hr>
          </DIV></TD>
        <TD width=72 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">1,236,160</font>
            <hr>
          </DIV></TD>
        <TD width=77 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">(467)</font>
            <hr>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom>&nbsp;</TD>
        <TD align="center"
    vAlign=bottom>&nbsp;</TD>
        <TD align="center"
    vAlign=bottom>&nbsp;</TD>
        <TD align="center"
    vAlign=bottom>&nbsp;</TD>
        <TD align="center"
    vAlign=bottom>&nbsp;</TD>
        <TD align="center"
    vAlign=bottom>&nbsp;</TD>
        <TD align="center"
    vAlign=bottom>&nbsp;</TD>
        <TD align="center"
    vAlign=bottom>&nbsp;</TD>
        <TD align="center"
    vAlign=bottom>&nbsp;</TD>
        <TD align="center"
    vAlign=bottom>&nbsp;</TD>
      </TR>
    </TABLE>
    <P
align=left>&nbsp; </DIV>
  <font size="2" face="Times New Roman, Times, serif"><BR
clear=all>
  </font>
  <DIV> <font size="2" face="Times New Roman, Times, serif">The loan balances
    with Qu&iacute;mica da Bahia Ind&uacute;stria e Com&eacute;rcio S.A. and Cia. Termel&eacute;trica do Planalto
    Paulista - TPP are indexed based on the Brazilian long-term interest rate
    (TJLP). The other loans do not have financial charges nor determined maturity
    dates. Transactions refer principally to purchases of raw material, other
    materials and storage services, carried out at usual market prices and conditions.</font>
    <font size="2" face="Times New Roman, Times, serif">The loan agreement with
    Ultraqu&iacute;mica Participa&ccedil;&otilde;es S.A. results from the sale of shares issued by
    Oxiteno S.A. &#150; Ind&uacute;stria e Com&eacute;rcio to the Company, intended to avoid
    the occurrence of reciprocal shareholdings due to the corporate reorganization,
    as mentioned in Note 4.</font>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">10.&nbsp;&nbsp;&nbsp;&nbsp;
      INCOME AND SOCIAL CONTRIBUTION TAXES</font> <font size="2" face="Times New Roman, Times, serif">a)&nbsp;
      Deferred income and social contribution taxes</font> <font size="2" face="Times New Roman, Times, serif">The
      Company and its subsidiaries recognize tax assets and liabilities which
      do not expire, arising from tax loss carryforwards, temporary add-backs,
      revaluation of property, plant and equipment, and others. The tax credits
      are substantiated by continued operating profitability. Management expects
      to realize these tax credits over a maximum period of three years. Deferred
      income and social contribution taxes are presented in the following principal
      categories:</font>
    <TABLE
cellSpacing=3 cellPadding=0 border=0>
      <TR>
        <TD
    vAlign=bottom width=468>&nbsp; </TD>
        <TD width=122 colSpan=2 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">Company</font>
            <hr>
          </DIV></TD>
        <TD width=142 colSpan=2 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">Consolidated</font>
            <hr>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=468>&nbsp; </TD>
        <TD width=61 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2002</font>
            <hr>
          </DIV></TD>
        <TD width=61 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2001</font>
            <hr>
          </DIV></TD>
        <TD width=71 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2002</font>
            <hr>
          </DIV></TD>
        <TD width=71 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2001</font>
            <hr>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=468> <font size="2" face="Times New Roman, Times, serif">Noncurrent
          assets:</font></TD>
        <TD
    vAlign=bottom width=61>&nbsp; </TD>
        <TD
    vAlign=bottom width=61>&nbsp; </TD>
        <TD
    vAlign=bottom width=71>&nbsp; </TD>
        <TD
    vAlign=bottom width=71>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=468> <P align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;
            Deferred income and social contribution taxes on:</font></TD>
        <TD
    vAlign=bottom width=61> <P
      align=right>&nbsp;</TD>
        <TD
    vAlign=bottom width=61> <P
      align=right>&nbsp;</TD>
        <TD
    vAlign=bottom width=71> <P
      align=right>&nbsp;</TD>
        <TD
    vAlign=bottom width=71> <P
      align=right>&nbsp;</TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=468> <font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;
          Accruals tax-deductible only when the expenses are<BR>
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; incurred</font></TD>
        <TD width=61 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">2,033</font></TD>
        <TD width=61 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">1,584</font></TD>
        <TD width=71 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">27,605</font></TD>
        <TD width=71 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">24,051</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=468> <P align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;
            Income and social contribution tax loss carryforwards</font></TD>
        <TD width=61 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">-</font>
            <hr>
          </DIV></TD>
        <TD width=61 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">6</font>
            <hr>
          </DIV></TD>
        <TD width=71 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">5,652</font>
            <hr>
          </DIV></TD>
        <TD width=71 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">3,231</font>
            <hr>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=468> <P align=left>&nbsp;</TD>
        <TD width=61 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=61 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=71 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=71 align="right"
    vAlign=bottom>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=468> <P align=left>&nbsp;</TD>
        <TD width=61 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2,033</font>
            <hr noshade>
          </DIV></TD>
        <TD width=61 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">1,590</font>
            <hr noshade>
          </DIV></TD>
        <TD width=71 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">33,257</font>
            <hr noshade>
          </DIV></TD>
        <TD width=71 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">27,282</font>
            <hr noshade>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=468> <P align=left>&nbsp;</TD>
        <TD width=61 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=61 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=71 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=71 align="right"
    vAlign=bottom>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=468> <P align=left><font size="2" face="Times New Roman, Times, serif">Long-term
            liabilities:</font></TD>
        <TD width=61 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=61 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=71 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=71 align="right"
    vAlign=bottom>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=468> <P align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;
            Deferred income and social contribution taxes on:</font></TD>
        <TD width=61 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=61 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=71 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=71 align="right"
    vAlign=bottom>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=468> <P align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;
            Revaluation of property, plant and equipment</font></TD>
        <TD width=61 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font>
        </TD>
        <TD width=61 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-</font>
        </TD>
        <TD width=71 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">2,113</font>
        </TD>
        <TD width=71 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">2,512</font>
        </TD>
      </TR>

      <TR>
        <TD
    vAlign=top width=468> <P align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;
            Income earned abroad</font></TD>
        <TD width=61 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">-</font>
            <hr>
          </DIV></TD>
        <TD width=61 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">-</font>
            <hr>
          </DIV></TD>
        <TD width=71 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">32,678</font>
            <hr>
          </DIV></TD>
        <TD width=71 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">21,461</font>
            <hr>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=468>&nbsp; </TD>
        <TD width=61 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=61 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=71 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=71 align="right"
    vAlign=bottom>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=468>&nbsp; </TD>
        <TD width=61 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">-</font>
            <hr noshade>
          </DIV></TD>
        <TD width=61 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">-</font>
            <hr noshade>
          </DIV></TD>
        <TD width=71 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">34,791</font>
            <hr noshade>
          </DIV></TD>
        <TD width=71 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">23,973</font>
            <hr noshade>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=468>&nbsp; </TD>
        <TD
    vAlign=bottom width=61>&nbsp; </TD>
        <TD
    vAlign=bottom width=61>&nbsp; </TD>
        <TD
    vAlign=bottom width=71>&nbsp; </TD>
        <TD
    vAlign=bottom width=71>&nbsp; </TD>
      </TR>
    </TABLE>
    <font size="2" face="Times New Roman, Times, serif">b)&nbsp; Reconciliation
    of income and social contribution taxes in the statement of income</font>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">Income and social
      contribution taxes are reconciled to official tax rates as follows:</font>
    <TABLE
cellSpacing=0 cellPadding=0 border=0>

        <TR>
          <TD
    vAlign=bottom width=401>&nbsp; </TD>
          <TD width=152 colSpan=2 align="center"
    vAlign=top> <DIV> <font size="2" face="Times New Roman, Times, serif">Company</font>
              <hr>
            </DIV></TD>
          <TD width=178 colSpan=2 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">Consolidated</font>
              <hr>
            </DIV></TD>
        </TR>
        <TR>
          <TD
    vAlign=bottom width=401>&nbsp; </TD>
          <TD width=76 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2002</font>
              <hr>
            </DIV></TD>
          <TD width=76 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2001</font>
              <hr>
            </DIV></TD>
          <TD width=93 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2002</font>
              <hr>
            </DIV></TD>
          <TD width=85 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2001</font>
              <hr>
            </DIV></TD>
        </TR>
        <TR>
          <TD
    vAlign=bottom width=401>&nbsp; </TD>
          <TD
    vAlign=bottom width=76> <P

      align=right>&nbsp;</TD>
          <TD
    vAlign=bottom width=76> <P
      align=right>&nbsp;</TD>
          <TD
    vAlign=bottom width=93> <P
      align=right>&nbsp;</TD>
          <TD
    vAlign=bottom width=85> <P
      align=right>&nbsp;</TD>
        </TR>

      <TR>
        <TD
    vAlign=bottom width=401> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Income before
            taxes, equity in results of </font></TD>
        <TD
    vAlign=bottom width=76> <P
      align=right>&nbsp;</TD>
        <TD
    vAlign=bottom width=76> <P
      align=right>&nbsp;</TD>
        <TD
    vAlign=bottom width=93> <P
      align=right>&nbsp;</TD>
        <TD
    vAlign=bottom width=85> <P
      align=right>&nbsp;</TD>
      </TR>
      <TR>
            <TD
    vAlign=top width=401><font size="2" face="Times New Roman, Times, serif">&nbsp;
              subsidiary and associated companies and &nbsp; minority interest</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">14,712&nbsp;</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">29,160&nbsp;</font></TD>
        <TD width=93 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">349,980&nbsp;</font></TD>
        <TD width=85 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">230,733&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=401> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Official
            tax rates - %</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">34.00</font>
            <hr>
          </DIV></TD>
        <TD width=76 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">34.00&nbsp;</font>
            <hr>
          </DIV></TD>
        <TD width=93 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">34.00&nbsp;</font>
            <hr>
          </DIV></TD>
        <TD width=85 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">34.00&nbsp;</font>
            <hr>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=401> <font size="2" face="Times New Roman, Times, serif">Income
          and social contribution taxes at </font></TD>
        <TD width=76 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=76 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=93 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=85 align="right"
    vAlign=bottom>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=401> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp; official
            rates</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">(5,002)</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">(9,914)</font></TD>
        <TD width=93 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">(118,993)</font></TD>
        <TD width=85 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">(78,449)</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=401> <P
      align=left>&nbsp;</TD>
        <TD width=76 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=76 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=93 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=85 align="right"
    vAlign=bottom>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=401> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Adjustments
            to the effective tax rate:</font></TD>
        <TD width=76 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=76 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=93 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=85 align="right"
    vAlign=bottom>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=401> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp; Operating
            provisions and nondeductible</font></TD>
        <TD width=76 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=76 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=93 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=85 align="right"
    vAlign=bottom>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=401> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;
            expenses/nontaxable revenues</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">31&nbsp;</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">(11)</font></TD>
        <TD width=93 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">(1,217)</font></TD>
        <TD width=85 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">6,165&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=401> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp; Adjustments
            to estimated income</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD width=93 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">3,094&nbsp;</font></TD>
        <TD width=85 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">3,377&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=401> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp; Realization
            of inflationary profit</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD width=93 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD width=85 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">1,983&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=401> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp; Interest
            on capital (received) paid</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">(1,870)</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">10,540&nbsp;</font></TD>
        <TD width=93 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">157&nbsp;</font></TD>
        <TD width=85 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">10,540&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=401> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp; Other
            </font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">-</font>
            <hr>
          </DIV></TD>
        <TD width=76 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font>
            <hr>
          </DIV></TD>
        <TD width=93 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">83&nbsp;</font>
            <hr>
          </DIV></TD>
        <TD width=85 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">1,279&nbsp;</font>
            <hr>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=401> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Income and
            social contribution taxes before</font></TD>
        <TD width=76 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=76 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=93 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=85 align="right"
    vAlign=bottom>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=401> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp; tax
            benefits</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">(6,841)</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">615&nbsp;</font></TD>
        <TD width=93 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">(116,876)</font></TD>
        <TD width=85 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">(55,105)</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=401> <P
      align=left>&nbsp;</TD>
        <TD width=76 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=76 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=93 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=85 align="right"
    vAlign=bottom>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=401> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Tax benefits:</font></TD>
        <TD width=76 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=76 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=93 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=85 align="right"
    vAlign=bottom>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=401> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp; Workers&#146;
            meal program (PAT)</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD width=93 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">721&nbsp;</font></TD>
        <TD width=85 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">299&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=401> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp; Cultural
            incentives</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">24</font>
          <hr> </TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font>
          <hr></TD>
        <TD width=93 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">1,245&nbsp;</font>
          <hr></TD>
        <TD width=85 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">332&nbsp;</font>
          <hr></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=401> <P
      align=left>&nbsp;</TD>
        <TD width=76 align="right"
    vAlign=bottom> <DIV> </DIV></TD>
        <TD width=76 align="right"
    vAlign=bottom> <DIV> </DIV></TD>
        <TD width=93 align="right"
    vAlign=bottom> <DIV> </DIV></TD>
        <TD width=85 align="right"
    vAlign=bottom> <DIV> </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=401> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Income and
            social contribution taxes per statement of income</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">(6,817)</font>
            <hr noshade>
          </DIV></TD>
        <TD width=76 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">615&nbsp;</font>
            <hr noshade>
          </DIV></TD>
        <TD width=93 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">(114,910)</font>
            <hr noshade>
          </DIV></TD>
        <TD width=85 align="right"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">(54,474)</font>
            <hr noshade>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=401> <P
      align=left>&nbsp;</TD>
        <TD width=76 align="right"
    vAlign=bottom></TD>
        <TD width=76 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=93 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=85 align="right"
    vAlign=bottom>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=401> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp; Current&nbsp;
            </font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">(7,260)</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD width=93 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">(110,067)</font></TD>
        <TD width=85 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">(58,377)</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=401> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp; Deferred
            </font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">443&nbsp;</font></TD>
        <TD width=76 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">615&nbsp;</font></TD>
        <TD width=93 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">(4,843)</font></TD>
        <TD width=85 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">3,903&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=401>&nbsp; </TD>
        <TD width=76 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=76 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=93 align="right"
    vAlign=bottom>&nbsp; </TD>
        <TD width=85 align="right"
    vAlign=bottom>&nbsp; </TD>
      </TR>
    </TABLE>
    <P
align=left>&nbsp;
    <P
align=left><font size="2" face="Times New Roman, Times, serif">c)&nbsp; Tax exemption</font>
      <font size="2" face="Times New Roman, Times, serif">The following indirect
      subsidiaries have partial or total exemption from income tax in connection
      with a government program for the development of the Northeast Region of
      Brazil, as follows:</font> &nbsp; &nbsp;
    <TABLE
cellSpacing=5 cellPadding=0 border=0>
      <TR align="center">
        <TD width=331
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">Subsidiary</font>
            <hr>
          </DIV></TD>
        <TD width=213
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">Units</font>
            <hr>
          </DIV></TD>
        <TD width=95
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">Exemption</font>
            <font size="2" face="Times New Roman, Times, serif">- %</font>
            <hr>
          </DIV></TD>
        <TD width=95
    vAlign=top> <DIV> <font size="2" face="Times New Roman, Times, serif">Expiration<BR>
            date</font>
            <hr>
          </DIV></TD>
      </TR>
      <TR>
        <TD colspan="4"
    vAlign=bottom> </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=331> <font size="2" face="Times New Roman, Times, serif">Oxiteno
          Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio</font></TD>
        <TD
    vAlign=bottom width=213> <font size="2" face="Times New Roman, Times, serif">Cama&ccedil;ari
          plant</font></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100</font></TD>
        <TD
    vAlign=top width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2006</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=331>&nbsp; </TD>
        <TD
    vAlign=bottom width=213>&nbsp; </TD>
        <TD
    vAlign=bottom width=95>&nbsp; </TD>
        <TD
    vAlign=top width=95>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=331> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Bahiana Distribuidora
            de G&aacute;s Ltda.</font></TD>
        <TD
    vAlign=bottom width=213> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Mataripe
            base</font></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100</font></TD>
        <TD
    vAlign=top width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2003</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=331> <P
      align=left>&nbsp;</TD>
        <TD
    vAlign=bottom width=213> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Juazeiro
            base</font></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100</font></TD>
        <TD
    vAlign=top width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2004</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=331> <P
      align=left>&nbsp;</TD>
        <TD
    vAlign=bottom width=213> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Suape base</font></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100</font></TD>
        <TD
    vAlign=top width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2007</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=331>&nbsp; </TD>
        <TD
    vAlign=bottom width=213>&nbsp; </TD>
        <TD
    vAlign=bottom width=95>&nbsp; </TD>
        <TD
    vAlign=top width=95>&nbsp; </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=331> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Terminal
            Qu&iacute;mico de Aratu S.A. - Tequimar</font></TD>
        <TD
    vAlign=bottom width=213> <font size="2" face="Times New Roman, Times, serif">Aratu
          Terminal</font></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100</font></TD>
        <TD
    vAlign=top width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2003</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=331> <P
      align=left>&nbsp;</TD>
        <TD
    vAlign=bottom width=213> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Suape Terminal
            (acetic acid</font></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right>&nbsp;</TD>
        <TD
    vAlign=top width=95> <P
      align=right>&nbsp;</TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=331>&nbsp; </TD>
        <TD
    vAlign=bottom width=213> <font size="2" face="Times New Roman, Times, serif">and
          butadiene byproducts)</font></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">100</font></TD>
        <TD
    vAlign=top width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">2005</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=331>&nbsp; </TD>
        <TD
    vAlign=bottom width=213>&nbsp; </TD>
        <TD
    vAlign=bottom width=95> <P
      align=right>&nbsp;</TD>
        <TD
    vAlign=top width=95> <P
      align=right>&nbsp;</TD>
      </TR>
    </TABLE>
    <font size="2" face="Times New Roman, Times, serif">Tax benefits from income
    tax exemption are recorded in a specific capital reserve account in stockholders&#146;
    equity by the subsidiaries. These benefits are recognized in income by the
    Company through the equity pick-up, as shown in Note 11.</font> <font size="2" face="Times New Roman, Times, serif">Bahiana
    Distribuidora de G&aacute;s Ltda. has certain requests under analysis by Federal
    Revenue authorities relating to the Ilh&eacute;us and Aracaju bases which,
    once approved, will represent a reduction of 37.5% of income tax starting
    in 2003.</font> </DIV>
  <font size="2" face="Times New Roman, Times, serif"><B><BR
clear=all>
  </B> </font>
  <DIV>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">11.&nbsp;&nbsp;&nbsp;&nbsp;
      INVESTMENTS</font>
    <P
align=left> <font size="2" face="Times New Roman, Times, serif">a)&nbsp; Subsidiaries
      of the Company</font>
    <TABLE
cellSpacing=0 cellPadding=0 border=0>
      <TR>
        <TD
    vAlign=bottom width=325> <P
      align=left>&nbsp;</TD>
        <TD colSpan=7 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2002</font>
            <hr>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=325> <P
      align=left>&nbsp;</TD>
        <TD width=121 rowspan="3" align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">Ultragaz<br>
          Participa&ccedil;&otilde;es<br>
          S.A. (*)</font> </TD>
        <TD width=86 rowspan="3" align="center" vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">Ultraqu&iacute;mica<br>
          Participa&ccedil;&otilde;es<br>
          S.A. (*) </font></TD>
        <TD width=83 rowspan="3"
    vAlign=bottom> <P align=center><font size="2" face="Times New Roman, Times, serif">Ultracargo<br>
            Participa&ccedil;&otilde;es<br>
            Ltda. (*)</font> </TD>
        <TD width=86 rowspan="3"
    vAlign=bottom> <P align=center><font size="2" face="Times New Roman, Times, serif">Ultratecno<br>
            Participa&ccedil;&otilde;es<br>
            Ltda. (*)</font> </TD>
        <TD width=89 rowspan="3" align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">Imaven
          <BR>
          Im&oacute;veis e</font> <font size="2" face="Times New Roman, Times, serif">Agropecu&aacute;ria</font>
          <DIV> <font size="2" face="Times New Roman, Times, serif">Ltda. (*)</font>
          </DIV></TD>
        <TD width=81 rowspan="3"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">Oxiteno
          S.A.</font> <font size="2" face="Times New Roman, Times, serif">- Ind&uacute;stria
          e</font> <DIV> <font size="2" face="Times New Roman, Times, serif">Com&eacute;rcio
            (*)</font> </DIV></TD>
        <TD width=92 rowspan="3" align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">Imaven
          II</font> <font size="2" face="Times New Roman, Times, serif">Agropecu&aacute;ria</font>
          <DIV> <font size="2" face="Times New Roman, Times, serif">S.A. (*)</font>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=325> <P
      align=left>&nbsp;</TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=325> <P
      align=left>&nbsp;</TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=325> <P
      align=left>&nbsp;</TD>
        <TD colspan="7"
    vAlign=top><hr> </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=325> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Number of
            shares or quotas held</font></TD>
        <TD
    vAlign=top width=121> <P align=right><font size="2" face="Times New Roman, Times, serif">4,336,063&nbsp;</font></TD>
        <TD
    vAlign=top width=86> <P align=right><font size="2" face="Times New Roman, Times, serif">2,461,339&nbsp;</font></TD>
        <TD
    vAlign=bottom width=83> <P align=right><font size="2" face="Times New Roman, Times, serif">2,856,736&nbsp;</font></TD>
        <TD
    vAlign=bottom width=86> <P align=right><font size="2" face="Times New Roman, Times, serif">65,158,617&nbsp;</font></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">27,733,974&nbsp;</font></TD>
        <TD
    vAlign=bottom width=81> <P align=right><font size="2" face="Times New Roman, Times, serif">35,102,127&nbsp;</font></TD>
        <TD
    vAlign=bottom width=92> <P align=right><font size="2" face="Times New Roman, Times, serif">11,551&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=325> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Net equity
            - R$</font></TD>
        <TD
    vAlign=top width=121> <P align=right><font size="2" face="Times New Roman, Times, serif">202,068&nbsp;</font></TD>
        <TD
    vAlign=top width=86> <P align=right><font size="2" face="Times New Roman, Times, serif">512,404&nbsp;</font></TD>
        <TD
    vAlign=bottom width=83> <P align=right><font size="2" face="Times New Roman, Times, serif">101,949&nbsp;</font></TD>
        <TD
    vAlign=bottom width=86> <P align=right><font size="2" face="Times New Roman, Times, serif">8,619&nbsp;</font></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">41,986&nbsp;</font></TD>
        <TD
    vAlign=bottom width=81> <P align=right><font size="2" face="Times New Roman, Times, serif">636,414&nbsp;</font></TD>
        <TD
    vAlign=bottom width=92> <P align=right><font size="2" face="Times New Roman, Times, serif">356&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=325> <font size="2" face="Times New Roman, Times, serif">Net
          income (loss) for the year - R$</font></TD>
        <TD
    vAlign=top width=121> <P align=right><font size="2" face="Times New Roman, Times, serif">50,924&nbsp;</font></TD>
        <TD
    vAlign=top width=86> <P align=right><font size="2" face="Times New Roman, Times, serif">66,028&nbsp;</font></TD>
        <TD
    vAlign=bottom width=83> <P align=right><font size="2" face="Times New Roman, Times, serif">9,426&nbsp;</font></TD>
        <TD
    vAlign=bottom width=86> <P align=right><font size="2" face="Times New Roman, Times, serif">(164)</font></TD>
        <TD
    vAlign=bottom width=89> <P align=right><font size="2" face="Times New Roman, Times, serif">4,855&nbsp;</font></TD>
        <TD
    vAlign=bottom width=81> <P align=right><font size="2" face="Times New Roman, Times, serif">186,935&nbsp;</font></TD>
        <TD
    vAlign=bottom width=92> <P align=right><font size="2" face="Times New Roman, Times, serif">3&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=325>&nbsp; </TD>
        <TD
    vAlign=top width=121> <P align=right>&nbsp;</TD>
        <TD
    vAlign=top width=86> <P align=right>&nbsp;</TD>
        <TD
    vAlign=bottom width=83> <P align=right>&nbsp;</TD>
        <TD
    vAlign=bottom width=86> <P align=right>&nbsp;</TD>
        <TD
    vAlign=bottom width=89> <P align=right>&nbsp;</TD>
        <TD
    vAlign=bottom width=81> <P align=right>&nbsp;</TD>
        <TD
    vAlign=bottom width=92> <P align=right>&nbsp;</TD>
      </TR>
    </TABLE>
    <P align=right>&nbsp;
    <TABLE
cellSpacing=0 cellPadding=0 border=0>
      <TR>
        <TD
    vAlign=bottom width=185> <P
      align=left>&nbsp;</TD>
        <TD
    vAlign=top colSpan=11> <P align=center><font size="2" face="Times New Roman, Times, serif">2002</font></TD>
        <TD
    vAlign=top width=63> <DIV>
            <P
      align=center><font size="2" face="Times New Roman, Times, serif">2001</font>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom>&nbsp;</TD>
        <TD
    vAlign=top colSpan=11><hr></TD>
        <TD
    vAlign=top><hr></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=185> <P
      align=left>&nbsp;</TD>
        <TD width=87 rowspan="3" align="center"
    vAlign=bottom> <P align=center>&nbsp; </p>
          <font size="1" face="Times New Roman, Times, serif">Ultragaz</font>
          <font size="1" face="Times New Roman, Times, serif"><br>
          Participa&ccedil;&otilde;es</font> <DIV> <font size="1" face="Times New Roman, Times, serif">S.A.
            (*) </font> </DIV></TD>
        <TD width=68 rowspan="3" align="center"
    vAlign=bottom> <font size="1" face="Times New Roman, Times, serif">Ultraqu&iacute;mica</font>
          <font size="1" face="Times New Roman, Times, serif">Participa&ccedil;&otilde;es</font>
          <DIV> <font size="1" face="Times New Roman, Times, serif">S.A. (*) </font>
          </DIV></TD>
        <TD width=70 rowspan="3" align="center"
    vAlign=bottom> <font size="1" face="Times New Roman, Times, serif">Ultracargo</font>
          <font size="1" face="Times New Roman, Times, serif">Participa&ccedil;&otilde;es</font>
          <DIV> <font size="1" face="Times New Roman, Times, serif">Ltda. (*)</font>
          </DIV></TD>
        <TD width=69 rowspan="3" align="center"
    vAlign=bottom> <font size="1" face="Times New Roman, Times, serif">Ultratecno</font>
          <font size="1" face="Times New Roman, Times, serif">Participa&ccedil;&otilde;es</font>
          <DIV> <font size="1" face="Times New Roman, Times, serif">Ltda. (*)</font>
          </DIV></TD>
        <TD width=71 rowspan="3" align="center"
    vAlign=bottom> <font size="1" face="Times New Roman, Times, serif">Ultradata</font>
          <font size="1" face="Times New Roman, Times, serif">Participa&ccedil;&otilde;es</font>
          <DIV> <font size="1" face="Times New Roman, Times, serif">S/C Ltda.
            (*)</font> </DIV></TD>
        <TD width=69 rowspan="3" align="center"
    vAlign=bottom> <font size="1" face="Times New Roman, Times, serif">Imaven<BR>
          Im&oacute;veis e</font> <font size="1" face="Times New Roman, Times, serif">Agropecu&aacute;ria</font>
          <DIV> <font size="1" face="Times New Roman, Times, serif">Ltda. (*)</font>
          </DIV></TD>
        <TD width=59 rowspan="3" align="center"
    vAlign=bottom> <font size="1" face="Times New Roman, Times, serif">Oxiteno
          S.A.</font> <font size="1" face="Times New Roman, Times, serif">- Ind&uacute;stria
          e</font> <DIV> <font size="1" face="Times New Roman, Times, serif">Com&eacute;rcio
            (*)</font> </DIV></TD>
        <TD width=68 rowspan="3" align="center"
    vAlign=bottom> <font size="1" face="Times New Roman, Times, serif">Imaven
          II</font> <font size="1" face="Times New Roman, Times, serif">Agropecu&aacute;ria</font>
          <DIV> <font size="1" face="Times New Roman, Times, serif">S.A. (*)</font>
          </DIV></TD>
        <TD width=59 align="center"
    vAlign=bottom> <P align=center><font size="1"></font></TD>
        <TD width=39 align="center"
    vAlign=bottom> <P align=center><font size="1"></font></TD>
        <TD width=56 align="center"
    vAlign=bottom> <P align=center><font size="1"></font></TD>
        <TD width=63 align="center"
    vAlign=bottom> <P align=center><font size="1"></font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=185> <P
      align=left>&nbsp;</TD>
        <TD width=59 align="center"
    vAlign=bottom> <P align=center><font size="1"></font></TD>
        <TD width=39 align="center"
    vAlign=bottom> <P align=center><font size="1"></font></TD>
        <TD width=56 align="center"
    vAlign=bottom> <P align=center><font size="1"></font></TD>
        <TD width=63 align="center"
    vAlign=bottom> <P align=center><font size="1"></font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=185> <P
      align=left>&nbsp;</TD>
        <TD width=59 align="center"
    vAlign=bottom> <DIV> <font size="1" face="Times New Roman, Times, serif">Subtotal</font>
          </DIV></TD>
        <TD width=39 align="center"
    vAlign=bottom> <DIV> <font size="1" face="Times New Roman, Times, serif">Others</font>
          </DIV></TD>
        <TD width=56 align="center"
    vAlign=bottom> <DIV> <font size="1" face="Times New Roman, Times, serif">Total</font>
          </DIV></TD>
        <TD width=63 align="center"
    vAlign=bottom> <DIV> <font size="1" face="Times New Roman, Times, serif">Total</font>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=185> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
        <TD colspan="12"
    vAlign=top><hr> </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=185> <P
      align=left><font size="2" face="Times New Roman, Times, serif"><U>Changes
            in investments:</U></font></TD>
        <TD
    vAlign=bottom width=87> <P align=right><font size="2" face="Times New Roman, Times, serif"><U>&nbsp;</U></font></TD>
        <TD
    vAlign=bottom width=68> <P align=right><font size="2" face="Times New Roman, Times, serif"><U>&nbsp;</U></font></TD>
        <TD
    vAlign=bottom width=70> <P align=right><font size="2" face="Times New Roman, Times, serif"><U>&nbsp;</U></font></TD>
        <TD
    vAlign=bottom width=69> <P align=right><font size="2" face="Times New Roman, Times, serif"><U>&nbsp;</U></font></TD>
        <TD
    vAlign=bottom width=71> <P align=right><font size="2" face="Times New Roman, Times, serif"><U>&nbsp;</U></font></TD>
        <TD
    vAlign=bottom width=69> <P align=right><font size="2" face="Times New Roman, Times, serif"><U>&nbsp;</U></font></TD>
        <TD
    vAlign=bottom width=59> <P align=right><font size="2" face="Times New Roman, Times, serif"><U>&nbsp;</U></font></TD>
        <TD
    vAlign=bottom width=68> <P align=right><font size="2" face="Times New Roman, Times, serif"><U>&nbsp;</U></font></TD>
        <TD
    vAlign=bottom width=59> <P align=right><font size="2" face="Times New Roman, Times, serif"><U>&nbsp;</U></font></TD>
        <TD
    vAlign=bottom width=39> <P align=right><font size="2" face="Times New Roman, Times, serif"><U>&nbsp;</U></font></TD>
        <TD
    vAlign=bottom width=56> <P align=right><font size="2" face="Times New Roman, Times, serif"><U>&nbsp;</U></font></TD>
        <TD
    vAlign=bottom width=63> <P align=right><font size="2" face="Times New Roman, Times, serif"><U>&nbsp;</U></font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=185> <P align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Balance at beginning of<BR>
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; year</font></TD>
        <TD
    vAlign=bottom width=87> <P align=right><font size="2" face="Times New Roman, Times, serif">126,571&nbsp;</font></TD>
        <TD
    vAlign=bottom width=68> <P align=right><font size="2" face="Times New Roman, Times, serif">454,679&nbsp;</font></TD>
        <TD
    vAlign=bottom width=70> <P align=right><font size="2" face="Times New Roman, Times, serif">92,612&nbsp;</font></TD>
        <TD
    vAlign=bottom width=69> <P align=right><font size="2" face="Times New Roman, Times, serif">8,783&nbsp;</font></TD>
        <TD
    vAlign=bottom width=71> <P align=right><font size="2" face="Times New Roman, Times, serif">4,416&nbsp;</font></TD>
        <TD
    vAlign=bottom width=69> <P align=right><font size="2" face="Times New Roman, Times, serif">37,131&nbsp;</font></TD>
        <TD
    vAlign=bottom width=59> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=68> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=59> <P align=right><font size="2" face="Times New Roman, Times, serif">724,192&nbsp;</font></TD>
        <TD
    vAlign=bottom width=39> <P align=right><font size="2" face="Times New Roman, Times, serif">185&nbsp;</font></TD>
        <TD
    vAlign=bottom width=56> <P align=right><font size="2" face="Times New Roman, Times, serif">724,377&nbsp;</font></TD>
        <TD
    vAlign=bottom width=63> <P align=right><font size="2" face="Times New Roman, Times, serif">630,237&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=185> <P align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Payment of capital</font></TD>
        <TD
    vAlign=bottom width=87> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=68> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=70> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=69> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=71> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=69> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=59> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=68> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=59> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=39> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=56> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=63> <P align=right><font size="2" face="Times New Roman, Times, serif">13,710&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=185> <P align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Taxes on reserve for <BR>
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; revaluation in <BR>
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; subsidiaries</font></TD>
        <TD
    vAlign=bottom width=87> <P align=right>&nbsp;
          <P align=right><font size="2" face="Times New Roman, Times, serif">(163)</font></TD>
        <TD
    vAlign=bottom width=68> <P align=right>&nbsp;
          <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=70> <P align=right><font size="2" face="Times New Roman, Times, serif">(89)</font></TD>
        <TD
    vAlign=bottom width=69> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=71> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=69> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=59> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=68> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=59> <P align=right>&nbsp;
          <P align=right><font size="2" face="Times New Roman, Times, serif">(252)</font></TD>
        <TD
    vAlign=bottom width=39> <P align=right>&nbsp;
          <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=56> <P align=right>&nbsp;
          <P align=right><font size="2" face="Times New Roman, Times, serif">(252)</font></TD>
        <TD
    vAlign=bottom width=63> <P align=right>&nbsp;
          <P align=right><font size="2" face="Times New Roman, Times, serif">(416)&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=185> <P align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Acquisition</font></TD>
        <TD
    vAlign=bottom width=87> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=68> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=70> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=69> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=71> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=69> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=59> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=68> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=59> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=39> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=56> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=63> <P align=right><font size="2" face="Times New Roman, Times, serif">20&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=185> <P align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Write-off of revaluation<BR>
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reserve</font></TD>
        <TD
    vAlign=bottom width=87> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=68> <P align=right><font size="2" face="Times New Roman, Times, serif">(700)</font></TD>
        <TD
    vAlign=bottom width=70> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=69> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=71> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=69> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=59> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=68> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=59> <P align=right><font size="2" face="Times New Roman, Times, serif">(700)</font></TD>
        <TD
    vAlign=bottom width=39> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=56> <P align=right><font size="2" face="Times New Roman, Times, serif">(700)</font></TD>
        <TD
    vAlign=bottom width=63> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=185> <P align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Dividends and interest<BR>
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (net) on capital</font>
          <P align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
            Receivable</font></TD>
        <TD
    vAlign=bottom width=87> <P align=right><font size="2" face="Times New Roman, Times, serif">(12,094)</font></TD>
        <TD
    vAlign=bottom width=68> <P align=right><font size="2" face="Times New Roman, Times, serif">(12,372)</font></TD>
        <TD
    vAlign=bottom width=70> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=69> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=71> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=69> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=59> <P align=right><font size="2" face="Times New Roman, Times, serif">(31,139)</font></TD>
        <TD
    vAlign=bottom width=68> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=59> <P align=right><font size="2" face="Times New Roman, Times, serif">(55,605)</font></TD>
        <TD
    vAlign=bottom width=39> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=56> <P align=right><font size="2" face="Times New Roman, Times, serif">(55,605)</font></TD>
        <TD
    vAlign=bottom width=63> <P align=right><font size="2" face="Times New Roman, Times, serif">(21,600)</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=185> <P align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Withholding tax on <BR>
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; interest on capital</font></TD>
        <TD
    vAlign=bottom width=87> <P align=right>&nbsp;
          <P align=right><font size="2" face="Times New Roman, Times, serif">(825)</font></TD>
        <TD
    vAlign=bottom width=68> <P align=right>&nbsp;
          <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=70> <P align=right>&nbsp;
          <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=69> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=71> <P align=right>&nbsp;
          <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=69> <P align=right>&nbsp;
          <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=59> <P align=right>&nbsp;
          <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=68> <P align=right>&nbsp;
          <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=59> <P align=right>&nbsp;
          <P align=right><font size="2" face="Times New Roman, Times, serif">(825)</font></TD>
        <TD
    vAlign=bottom width=39> <P align=right>&nbsp;
          <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=56> <P align=right>&nbsp;
          <P align=right><font size="2" face="Times New Roman, Times, serif">(825)</font></TD>
        <TD
    vAlign=bottom width=63> <P align=right>&nbsp;
          <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
      </TR>
    </TABLE>
    <p><font size="2" face="Times New Roman, Times, serif">a)&nbsp;&nbsp;&nbsp;&nbsp;
      Subsidiaries of the Company</font> &nbsp; </p>
    <TABLE
cellSpacing=0 cellPadding=0 border=0>
      <TR>
        <TD
    vAlign=bottom width=138> <P
      align=left>&nbsp;</TD>
        <TD colSpan=11 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">2002</font></TD>
        <TD width=65 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2001</font>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom>&nbsp;</TD>
        <TD
    vAlign=top colSpan=11><hr></TD>
        <TD
    vAlign=top><hr></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=138> <P
      align=left>&nbsp;</TD>
        <TD width=67 rowspan="3" align="center"
    vAlign=bottom> <font size="1" face="Times New Roman, Times, serif">Ultragaz</font>
          <font size="1" face="Times New Roman, Times, serif">Participa&ccedil;&otilde;es</font>
          <DIV> <font size="1" face="Times New Roman, Times, serif">S.A. (*) </font>
          </DIV></TD>
        <TD width=72 rowspan="3" align="center"
    vAlign=bottom> <font size="1" face="Times New Roman, Times, serif">Ultraqu&iacute;mica</font>
          <font size="1" face="Times New Roman, Times, serif">Participa&ccedil;&otilde;es</font>
          <DIV> <font size="1" face="Times New Roman, Times, serif">S.A. (*) </font>
          </DIV></TD>
        <TD width=77 rowspan="3" align="center"
    vAlign=bottom> <font size="1" face="Times New Roman, Times, serif">Ultracargo</font>
          <font size="1" face="Times New Roman, Times, serif">Participa&ccedil;&otilde;es</font>
          <DIV> <font size="1" face="Times New Roman, Times, serif">Ltda. (*)</font>
          </DIV></TD>
        <TD width=67 rowspan="3" align="center"
    vAlign=bottom> <font size="1" face="Times New Roman, Times, serif">Ultratecno</font>
          <font size="1" face="Times New Roman, Times, serif">Participa&ccedil;&otilde;es</font>
          <DIV> <font size="1" face="Times New Roman, Times, serif">Ltda. (*)</font>
          </DIV></TD>
        <TD width=67 rowspan="3" align="center"
    vAlign=bottom> <font size="1" face="Times New Roman, Times, serif">Ultradata</font>
          <font size="1" face="Times New Roman, Times, serif">Participa&ccedil;&otilde;es</font>
          <DIV> <font size="1" face="Times New Roman, Times, serif">S/C Ltda.
            (*)</font> </DIV></TD>
        <TD width=74 rowspan="3" align="center"
    vAlign=bottom> <font size="1" face="Times New Roman, Times, serif">Imaven<BR>
          Im&oacute;veis e</font> <font size="1" face="Times New Roman, Times, serif">Agropecu&aacute;ria</font>
          <DIV> <font size="1" face="Times New Roman, Times, serif">Ltda. (*)</font>
          </DIV></TD>
        <TD width=73 rowspan="3" align="center"
    vAlign=bottom> <font size="1" face="Times New Roman, Times, serif">Oxiteno
          S.A.</font> <font size="1" face="Times New Roman, Times, serif">- Ind&uacute;stria
          e</font> <DIV> <font size="1" face="Times New Roman, Times, serif">Com&eacute;rcio
            (*)</font> </DIV></TD>
        <TD width=67 rowspan="3" align="center"
    vAlign=bottom> <font size="1" face="Times New Roman, Times, serif">Imaven
          II</font> <font size="1" face="Times New Roman, Times, serif">Agropecu&aacute;ria</font>
          <DIV> <font size="1" face="Times New Roman, Times, serif">S.A. (*)</font>
          </DIV></TD>
        <TD width=73 align="center"
    vAlign=bottom><font size="1" face="Times New Roman, Times, serif">&nbsp;</font>
        </TD>
        <TD width=50 align="center"
    vAlign=bottom><font size="1" face="Times New Roman, Times, serif">&nbsp;</font>
        </TD>
        <TD width=73 align="center"
    vAlign=bottom><font size="1" face="Times New Roman, Times, serif">&nbsp;</font>
        </TD>
        <TD width=65 align="center"
    vAlign=bottom><font size="1" face="Times New Roman, Times, serif">&nbsp;</font>
        </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=138> <P
      align=left>&nbsp;</TD>
        <TD width=73 align="center"
    vAlign=bottom><font size="1" face="Times New Roman, Times, serif">&nbsp;</font>
        </TD>
        <TD width=50 align="center"
    vAlign=bottom><font size="1" face="Times New Roman, Times, serif">&nbsp;</font>
        </TD>
        <TD width=73 align="center"
    vAlign=bottom><font size="1" face="Times New Roman, Times, serif">&nbsp;</font>
        </TD>
        <TD width=65 align="center"
    vAlign=bottom><font size="1" face="Times New Roman, Times, serif">&nbsp;</font>
        </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=138> <P
      align=left>&nbsp;</TD>
        <TD width=73 align="center"
    vAlign=bottom> <DIV>
            <P
      align=center><font size="1" face="Times New Roman, Times, serif">Subtotal</font>
          </DIV></TD>
        <TD width=50 align="center"
    vAlign=bottom> <DIV>
            <P
      align=center><font size="1" face="Times New Roman, Times, serif">Others</font>
          </DIV></TD>
        <TD width=73 align="center"
    vAlign=bottom> <DIV>
            <P
      align=center><font size="1" face="Times New Roman, Times, serif">Total</font>
          </DIV></TD>
        <TD width=65 align="center"
    vAlign=bottom> <DIV>
            <P
      align=center><font size="1" face="Times New Roman, Times, serif">Total</font>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom>&nbsp;</TD>
        <TD
    vAlign=top colSpan=11><hr></TD>
        <TD
    vAlign=top><hr></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=138> <p align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Purchase of shares</font></p></TD>
        <TD
    vAlign=bottom width=67> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=72> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=77> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=67> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=67> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=74> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=73> <P align=right><font size="1" face="Times New Roman, Times, serif">387,160&nbsp;</font></TD>
        <TD
    vAlign=bottom width=67> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=73> <P align=right><font size="1" face="Times New Roman, Times, serif">387,160&nbsp;</font></TD>
        <TD
    vAlign=bottom width=50> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=73> <P align=right><font size="1" face="Times New Roman, Times, serif">387,160&nbsp;</font></TD>
        <TD
    vAlign=bottom width=65> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=138> <P align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Merger of shares</font></TD>
        <TD
    vAlign=bottom width=67> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=72> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=77> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=67> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=67> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=74> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=73> <P align=right><font size="1" face="Times New Roman, Times, serif">191,568&nbsp;</font></TD>
        <TD
    vAlign=bottom width=67> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=73> <P align=right><font size="1" face="Times New Roman, Times, serif">191,568&nbsp;</font></TD>
        <TD
    vAlign=bottom width=50> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=73> <P align=right><font size="1" face="Times New Roman, Times, serif">191,568&nbsp;</font></TD>
        <TD
    vAlign=bottom width=65> <P align=right><font size="1" face="Times New Roman, Times, serif">102,426&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=138> <P align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Merger of companies</font></TD>
        <TD
    vAlign=bottom width=67> <P align=right><font size="1" face="Times New Roman, Times, serif">43,484&nbsp;</font></TD>
        <TD
    vAlign=bottom width=72> <P align=right><font size="1" face="Times New Roman, Times, serif">4,769&nbsp;</font></TD>
        <TD
    vAlign=bottom width=77> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=67> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=67> <P align=right><font size="1" face="Times New Roman, Times, serif">(4,769)</font></TD>
        <TD
    vAlign=bottom width=74> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=73> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD
    vAlign=bottom width=67> <P align=right><font size="1" face="Times New Roman, Times, serif">135&nbsp;</font></TD>
        <TD
    vAlign=bottom width=73> <P align=right><font size="1" face="Times New Roman, Times, serif">43,619&nbsp;</font></TD>
        <TD
    vAlign=bottom width=50> <P align=right><font size="1" face="Times New Roman, Times, serif">8&nbsp;</font></TD>
        <TD
    vAlign=bottom width=73> <P align=right><font size="1" face="Times New Roman, Times, serif">43,627&nbsp;</font></TD>
        <TD
    vAlign=bottom width=65> <P align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=138> <P align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Equity pick-up</font></TD>
        <TD
    vAlign=bottom width=67> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">45,095&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=72> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">66,028&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=77> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">9,426&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=67> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">(164)</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=67> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">353&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=74> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">4,855&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=73> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">88,803&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=67> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">9&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=73> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">214,405&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=50> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=73> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">214,405&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=65> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">&nbsp;</font>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=138> <P
      align=left><font size="1" face="Times New Roman, Times, serif"><U></U></font></TD>
        <TD colspan="12"
    vAlign=top><hr> </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=138> <P align=left><font size="1" face="Times New Roman, Times, serif">Balance
            at end of year</font></TD>
        <TD
    vAlign=bottom width=67> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">202,068&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=72> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">512,404&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=77> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">101,949&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=67> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">8,619&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=67> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">-&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=74> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">41,986&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=73> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">636,392&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=67> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">144&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=73> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">1,503,562&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=50> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">193&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=73> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">1,503,755&nbsp;</font>
          </DIV></TD>
        <TD
    vAlign=bottom width=65> <DIV>
            <P
      align=right><font size="1" face="Times New Roman, Times, serif">724,377&nbsp;</font>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=138> <P
      align=left><font size="2" face="Times New Roman, Times, serif"><U></U></font></TD>
        <TD colspan="12"
    vAlign=top><hr noshade> </TD>
      </TR>
    </TABLE>
    <hr>
    <P><font size="2" face="Times New Roman, Times, serif">b)&nbsp; Associated
      companies (Consolidated)</font></P>
    <TABLE width="75%" border=0 cellPadding=0
cellSpacing=0>
      <TR>
        <TD
    vAlign=bottom width=289> <P
      align=center>&nbsp;</P></TD>
        <TD colSpan=4 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2002</font></DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom>&nbsp;</TD>
        <TD colSpan=4 align="center"
    vAlign=bottom><hr></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=289> <P
      align=center>&nbsp;</P></TD>
        <TD width=132 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">Qu&iacute;mica
            da <BR>
            Bahia Ind&uacute;stria e<BR>
            Com&eacute;rcio S.A. (**)</font></DIV></TD>
        <TD width=98 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">Oxicap
            Ind&uacute;stria<BR>
            de Gases<BR>
            Ltda. (**)</font></DIV></TD>
        <TD width=105 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">Nordeste
            Qu&iacute;mica<BR>
            S.A. - Norquisa (**)</font></DIV></TD>
        <TD width=98 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">Plenog&aacute;s<BR>
            Distribuidora de<BR>
            &nbsp;G&aacute;s S.A. (**) &nbsp;</font></DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=289></TD>
        <TD colspan="4"
    vAlign=bottom><hr> </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=289> <P><font size="2" face="Times New Roman, Times, serif">Number
            of shares or quotas held</font></P></TD>
        <TD
    vAlign=bottom width=132> <P align=right><font size="2" face="Times New Roman, Times, serif">3,174,501&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=98> <P align=right><font size="2" face="Times New Roman, Times, serif">125&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=105> <P align=right><font size="2" face="Times New Roman, Times, serif">60,426,077&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=98> <P align=right><font size="2" face="Times New Roman, Times, serif">1,384,308&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=289> <P><font size="2" face="Times New Roman, Times, serif">Adjusted
            net equity - R$</font></P></TD>
        <TD
    vAlign=bottom width=132> <P align=right><font size="2" face="Times New Roman, Times, serif">10,118&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=98> <P align=right><font size="2" face="Times New Roman, Times, serif">2,470&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=105> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=98> <P align=right><font size="2" face="Times New Roman, Times, serif">(2,133)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=289> <P><font size="2" face="Times New Roman, Times, serif">Loss
            for the year - R$</font></P></TD>
        <TD
    vAlign=bottom width=132> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=98> <P align=right><font size="2" face="Times New Roman, Times, serif">(269)</font></P></TD>
        <TD
    vAlign=bottom width=105> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=98> <P align=right><font size="2" face="Times New Roman, Times, serif">(811)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=289> <P><font size="2" face="Times New Roman, Times, serif">Ownership
            percentage - %</font></P></TD>
        <TD
    vAlign=bottom width=132> <P align=right><font size="2" face="Times New Roman, Times, serif">45.56&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=98> <P align=right><font size="2" face="Times New Roman, Times, serif">25.00&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=105> <P align=right><font size="2" face="Times New Roman, Times, serif">8.73&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=98> <P align=right><font size="2" face="Times New Roman, Times, serif">33.33&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=289> <P>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=132> <P align=right>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=98> <P align=right>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=105> <P align=right>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=98> <P align=right>&nbsp;</P></TD>
      </TR>
    </TABLE>
    <P>&nbsp;</P>
    <TABLE
cellSpacing=0 cellPadding=0 border=0>
      <TR>
        <TD
    vAlign=bottom width=352> <P
      align=center>&nbsp;</P></TD>
        <TD colSpan=5 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2002</font></DIV></TD>
        <TD width=71 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2001</font></DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom>&nbsp;</TD>
        <TD colspan="6" align="center"
    vAlign=bottom><hr></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=352> <P
      align=center>&nbsp;</P></TD>
        <TD width=121 align="center"
    vAlign=bottom> <DIV> <font size="1" face="Times New Roman, Times, serif">Qu&iacute;mica
            da <BR>
            Bahia Ind&uacute;stria e<BR>
            Com&eacute;rcio S.A. (**)</font></DIV></TD>
        <TD width=114 align="center"
    vAlign=bottom> <DIV> <font size="1" face="Times New Roman, Times, serif">Oxicap
            Ind&uacute;stria<BR>
            de Gases <BR>
            Ltda. (**)</font></DIV></TD>
        <TD width=122 align="center"
    vAlign=bottom> <DIV> <font size="1" face="Times New Roman, Times, serif">F&aacute;brica
            Carioca de<BR>
            Catalisadores S.A. - FCC (**)</font></DIV></TD>
        <TD width=97 align="center"
    vAlign=bottom> <DIV> <font size="1" face="Times New Roman, Times, serif">Nordeste
            Qu&iacute;mica<BR>
            S.A. - Norquisa (**)</font></DIV></TD>
        <TD width=86 align="center"
    vAlign=bottom> <DIV> <font size="1" face="Times New Roman, Times, serif">Total</font></DIV></TD>
        <TD width=71 align="center"
    vAlign=bottom> <DIV>
            <P
      align=center><font size="1" face="Times New Roman, Times, serif">Total</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=352> <P><font size="2" face="Times New Roman, Times, serif"><U></U></font></P></TD>
        <TD colspan="6"
    vAlign=bottom><hr> </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=352> <P><font size="2" face="Times New Roman, Times, serif"><U>Changes
            in investments:</U></font></P></TD>
        <TD
    vAlign=bottom width=121> <P align=right>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=114> <P align=right>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=122> <P align=right>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=97> <P align=right>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=86> <P align=right>&nbsp;</P></TD>
        <TD
    vAlign=top width=71> <P align=right>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=352> <P><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Balance at beginning of year</font></P></TD>
        <TD
    vAlign=bottom width=121> <P align=right><font size="2" face="Times New Roman, Times, serif">4,610&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=114> <P align=right><font size="2" face="Times New Roman, Times, serif">707&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=122> <P align=right><font size="2" face="Times New Roman, Times, serif">15,409&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=97> <P align=right><font size="2" face="Times New Roman, Times, serif">42,307&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=86> <P align=right><font size="2" face="Times New Roman, Times, serif">63,033&nbsp;</font></P></TD>
        <TD
    vAlign=top width=71> <P align=right><font size="2" face="Times New Roman, Times, serif">61,085&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=352> <P><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Write-off of revaluation reserve</font></P></TD>
        <TD
    vAlign=bottom width=121> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=114> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=122> <P align=right><font size="2" face="Times New Roman, Times, serif">(2,664)</font></P></TD>
        <TD
    vAlign=bottom width=97> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=86> <P align=right><font size="2" face="Times New Roman, Times, serif">(2,664)</font></P></TD>
        <TD
    vAlign=top width=71> <P align=right><font size="2" face="Times New Roman, Times, serif">(220)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=352> <P><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Dividends received</font></P></TD>
        <TD
    vAlign=bottom width=121> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=114> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=122> <P align=right><font size="2" face="Times New Roman, Times, serif">&nbsp;(430)</font></P></TD>
        <TD
    vAlign=bottom width=97> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=86> <P align=right><font size="2" face="Times New Roman, Times, serif">(430)</font></P></TD>
        <TD
    vAlign=top width=71> <P align=right><font size="2" face="Times New Roman, Times, serif">(1,275)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=352> <P><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Equity pick-up</font></P></TD>
        <TD
    vAlign=bottom width=121> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=114> <P align=right><font size="2" face="Times New Roman, Times, serif">(89)</font></P></TD>
        <TD
    vAlign=bottom width=122> <P align=right><font size="2" face="Times New Roman, Times, serif">(1,017)</font></P></TD>
        <TD
    vAlign=bottom width=97> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=86> <P align=right><font size="2" face="Times New Roman, Times, serif">(1,106)</font></P></TD>
        <TD
    vAlign=top width=71> <P align=right><font size="2" face="Times New Roman, Times, serif">&nbsp;
            3,443&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=352> <P><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Cost of investments sold</font></P></TD>
        <TD
    vAlign=bottom width=121> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=114> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=122> <P align=right><font size="2" face="Times New Roman, Times, serif">(11,298)</font></P></TD>
        <TD
    vAlign=bottom width=97> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=86> <P align=right><font size="2" face="Times New Roman, Times, serif">(11,298)</font></P></TD>
        <TD
    vAlign=top width=71> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=352> <P><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Allowance for loss</font></P></TD>
        <TD
    vAlign=bottom width=121> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=114> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=122> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=97> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">(40,551)</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=86> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">(40,551)</font></P>
          </DIV></TD>
        <TD
    vAlign=top width=71> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=352> <P>&nbsp;</P></TD>
        <TD colspan="6"
    vAlign=bottom><hr> </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=352> <P><font size="2" face="Times New Roman, Times, serif">Balance
            at end of year</font></P></TD>
        <TD
    vAlign=bottom width=121> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">4,610&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=114> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">618&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=122> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=97> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,756&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=86> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">6,984&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=top width=71> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">63,033&nbsp;</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom>&nbsp;</TD>
        <TD colspan="6"
    vAlign=bottom><hr noshade></TD>
      </TR>
    </TABLE>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">(*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Financial statements audited or reviewed by our independent auditors.</font></P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">(**)&nbsp;&nbsp;&nbsp;
      Financial statements audited by other independent auditors.</font></P>
  </DIV>
  <hr>
  <font size="2" face="Times New Roman, Times, serif"><BR
clear=all>
  </font>
  <DIV>
    <P><font size="2" face="Times New Roman, Times, serif">The consolidated amount
      of equity in the results of subsidiary and associated companies presented
      in the statement of income includes R$&nbsp;43,456 (2001 - R$&nbsp;26,961)
      of income tax incentives arising substantially from operations in regions
      eligible for such incentives.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">In the consolidated
      financial statements, the investments of subsidiary Oxiteno S.A. - Ind&uacute;stria
      e Com&eacute;rcio in associated companies Oxicap Ind&uacute;stria de Gases Ltda. and Qu&iacute;mica
      da Bahia Ind&uacute;stria e Com&eacute;rcio S.A. are carried under the equity method based
      on their financial statements as of November 30, 2002, and the investment
      in associated company Nordeste Qu&iacute;mica S.A. - Norquisa is carried under
      the equity method through July 31, 2001, based on the degree of management
      influence, as established by CVM Instruction No.&nbsp;247/96, net of a reserve
      for loss on realization in the amount of R$ 40,551 (see Note 17).</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">In November 2002, the
      investment in associated company F&aacute;brica Carioca de Catalisadores S.A. -
      FCC was sold for R$ 30,697.</font></P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">12.&nbsp;&nbsp;&nbsp;&nbsp;
      PROPERTY, PLANT AND EQUIPMENT (CONSOLIDATED)</font></P>
    <TABLE
cellSpacing=0 cellPadding=0 border=0>
      <TR>
        <TD
    vAlign=top width=288> <P>&nbsp;</P></TD>
        <TD width=151 rowspan="3" align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">Annual</font>
          <font size="2" face="Times New Roman, Times, serif"><br>
          depreciation</font> <DIV> <font size="2" face="Times New Roman, Times, serif">rates
            - %</font></DIV></TD>
        <TD colSpan=3 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2002</font>
            <hr>
          </DIV></TD>
        <TD width=108 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2001</font>
            <hr>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=288> <P>&nbsp;</P></TD>
        <TD width=149 rowspan="2" align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">Revalued</font>
          <DIV> <font size="2" face="Times New Roman, Times, serif">cost</font></DIV></TD>
        <TD width=148 rowspan="2" align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">Accumulated</font>
          <DIV> <font size="2" face="Times New Roman, Times, serif">depreciation</font></DIV></TD>
        <TD width=117 rowspan="2" align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">Net book</font>
          <DIV> <font size="2" face="Times New Roman, Times, serif">value</font></DIV></TD>
        <TD width=108 rowspan="2" align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">Net book</font>
          <DIV> <font size="2" face="Times New Roman, Times, serif">value</font></DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=288> <P align=left>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=288> <P align=left>&nbsp;</P></TD>
        <TD colspan="5"
    vAlign=top><hr> </TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=288> <P><font size="2" face="Times New Roman, Times, serif">Land</font></P></TD>
        <TD
    vAlign=top width=151> <P align=center><font size="2" face="Times New Roman, Times, serif">-</font></P></TD>
        <TD
    vAlign=top width=149> <P align=right><font size="2" face="Times New Roman, Times, serif">47,151&nbsp;</font></P></TD>
        <TD
    vAlign=top width=148> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=top width=117> <P align=right><font size="2" face="Times New Roman, Times, serif">47,151&nbsp;</font></P></TD>
        <TD
    vAlign=top width=108> <P align=right><font size="2" face="Times New Roman, Times, serif">39,065&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=288> <P><font size="2" face="Times New Roman, Times, serif">Buildings</font></P></TD>
        <TD
    vAlign=top width=151> <P align=center><font size="2" face="Times New Roman, Times, serif">4</font></P></TD>
        <TD
    vAlign=top width=149> <P align=right><font size="2" face="Times New Roman, Times, serif">321,113&nbsp;</font></P></TD>
        <TD
    vAlign=top width=148> <P align=right><font size="2" face="Times New Roman, Times, serif">(109,874)</font></P></TD>
        <TD
    vAlign=top width=117> <P align=right><font size="2" face="Times New Roman, Times, serif">211,239&nbsp;</font></P></TD>
        <TD
    vAlign=top width=108> <P align=right><font size="2" face="Times New Roman, Times, serif">204,491&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=288> <P><font size="2" face="Times New Roman, Times, serif">Machinery
            and equipment </font></P></TD>
        <TD
    vAlign=top width=151> <P align=center><font size="2" face="Times New Roman, Times, serif">5
            to 10</font></P></TD>
        <TD
    vAlign=top width=149> <P align=right><font size="2" face="Times New Roman, Times, serif">769,488&nbsp;</font></P></TD>
        <TD
    vAlign=top width=148> <P align=right><font size="2" face="Times New Roman, Times, serif">(378,083)</font></P></TD>
        <TD
    vAlign=top width=117> <P align=right><font size="2" face="Times New Roman, Times, serif">391,405&nbsp;</font></P></TD>
        <TD
    vAlign=top width=108> <P align=right><font size="2" face="Times New Roman, Times, serif">366,154&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=288> <P align=left><font size="2" face="Times New Roman, Times, serif">Vehicles</font></P></TD>
        <TD
    vAlign=top width=151> <P align=center><font size="2" face="Times New Roman, Times, serif">20
            to 30</font></P></TD>
        <TD
    vAlign=top width=149> <P align=right><font size="2" face="Times New Roman, Times, serif">107,506&nbsp;</font></P></TD>
        <TD
    vAlign=top width=148> <P align=right><font size="2" face="Times New Roman, Times, serif">(72,360)</font></P></TD>
        <TD
    vAlign=top width=117> <P align=right><font size="2" face="Times New Roman, Times, serif">35,146&nbsp;</font></P></TD>
        <TD
    vAlign=top width=108> <P align=right><font size="2" face="Times New Roman, Times, serif">30,191&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=288> <P align=left><font size="2" face="Times New Roman, Times, serif">Furniture
            and fixtures</font></P></TD>
        <TD
    vAlign=top width=151> <P align=center><font size="2" face="Times New Roman, Times, serif">10</font></P></TD>
        <TD
    vAlign=top width=149> <P align=right><font size="2" face="Times New Roman, Times, serif">11,890&nbsp;</font></P></TD>
        <TD
    vAlign=top width=148> <P align=right><font size="2" face="Times New Roman, Times, serif">(4,157)</font></P></TD>
        <TD
    vAlign=top width=117> <P align=right><font size="2" face="Times New Roman, Times, serif">7,733&nbsp;</font></P></TD>
        <TD
    vAlign=top width=108> <P align=right><font size="2" face="Times New Roman, Times, serif">6,792&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=288> <P align=left><font size="2" face="Times New Roman, Times, serif">Construction
            in progress</font></P></TD>
        <TD
    vAlign=top width=151> <P align=center><font size="2" face="Times New Roman, Times, serif">-</font></P></TD>
        <TD
    vAlign=top width=149> <P align=right><font size="2" face="Times New Roman, Times, serif">39,141&nbsp;</font></P></TD>
        <TD
    vAlign=top width=148> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=top width=117> <P align=right><font size="2" face="Times New Roman, Times, serif">39,141&nbsp;</font></P></TD>
        <TD
    vAlign=top width=108> <P align=right><font size="2" face="Times New Roman, Times, serif">29,888&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=288> <P align=left><font size="2" face="Times New Roman, Times, serif">Imports
            in transit</font></P></TD>
        <TD
    vAlign=top width=151> <P align=center><font size="2" face="Times New Roman, Times, serif">-</font></P></TD>
        <TD
    vAlign=top width=149> <P align=right><font size="2" face="Times New Roman, Times, serif">835&nbsp;</font></P></TD>
        <TD
    vAlign=top width=148> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=top width=117> <P align=right><font size="2" face="Times New Roman, Times, serif">835&nbsp;</font></P></TD>
        <TD
    vAlign=top width=108> <P align=right><font size="2" face="Times New Roman, Times, serif">5,436&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=288> <P><font size="2" face="Times New Roman, Times, serif">Other</font></P></TD>
        <TD
    vAlign=top width=151> <P align=center><font size="2" face="Times New Roman, Times, serif">10
            to 20</font></P></TD>
        <TD
    vAlign=top width=149> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">72,650&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=top width=148> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">(25,833)</font></P>
          </DIV></TD>
        <TD
    vAlign=top width=117> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">46,817&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=top width=108> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">25,852&nbsp;</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=288> <P align=left>&nbsp;</P></TD>
        <TD
    vAlign=top width=151> <P align=right>&nbsp;</P></TD>
        <TD colspan="4"
    vAlign=top><hr> </TD>
      </TR>
      <TR>
        <TD
    vAlign=top> <P align=left>&nbsp;</P></TD>
        <TD
    vAlign=top> <P align=right>&nbsp;</P></TD>
        <TD
    vAlign=top> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">1,369,774&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=top> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">(590,307)</font></P>
          </DIV></TD>
        <TD
    vAlign=top> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">779,467&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=top> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">707,869&nbsp;</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=top> <P align=left>&nbsp;</P></TD>
        <TD
    vAlign=top> <P align=right>&nbsp;</P></TD>
        <TD colspan="4"
    vAlign=top><hr noshade> </TD>
      </TR>
    </TABLE>
    <P><font size="2" face="Times New Roman, Times, serif">Construction in progress
      refers mainly to renovations of the industrial complexes of the subsidiaries;
      imports in transit refer mainly to equipment and parts for the Ultrasystem
      project (small and medium-sized LPG installations for commercial and residential
      customers). Other items primarily comprise computer equipment and commercial
      property rights.</font></P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">On July 11, 2002,
      the indirect subsidiary Terminal Qu&iacute;mico de Aratu S.A. - Tequimar won the
      auction and signed the contract for use of the site on which it operates
      the Aratu Terminal for another 20 years, renewable for the same period.
      The goodwill paid by Tequimar amounted to R$ 12,000, and will be amortized
      over 40 years, equivalent to annual amortization of R$ 300. In the course
      of this negotiation, Tequimar obtained a reduction of approximately R$ 150
      in the annual cost of leasing this area. </font></P>
    <hr>
    <P
align=left><font size="2" face="Times New Roman, Times, serif"></font></P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">13.&nbsp; DEFERRED
      CHARGES (CONSOLIDATED) </font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Represented substantially
      by costs incurred on the implementation of systems modernization projects
      R$19,866 (2001 - R$ 10,986), being amortized over five to ten years, and
      expenditures for the installation of Ultrasystem equipment at customers&#146;
      locations R$ 58,044 (2001 - R$ 55,913), to be amortized over the lives of
      the LPG supply contracts with these customers.</font></P>
    <P>&nbsp;</P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">14.&nbsp; FINANCING
      (CONSOLIDATED)</font></P>
    <TABLE
cellSpacing=5 cellPadding=0 border=0>
      <TR>
        <TD width=344 align="center"
    vAlign=bottom><font size="2" face="Times New Roman, Times, serif">&nbsp;</font>
          <font size="2" face="Times New Roman, Times, serif">&nbsp;</font> <DIV>
            <font size="2" face="Times New Roman, Times, serif">Description</font></DIV></TD>
        <TD width=75 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2002</font></DIV></TD>
        <TD width=87 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2001</font></DIV></TD>
        <TD width=114 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">Index/</font>
          <DIV> <font size="2" face="Times New Roman, Times, serif">Currency</font></DIV></TD>
        <TD width=125 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">Annual</font>
          <font size="2" face="Times New Roman, Times, serif">interest</font>
          <DIV> <font size="2" face="Times New Roman, Times, serif">rate - %</font></DIV></TD>
        <TD width=138 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">Maturity
            and<br>
            amortization</font></DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344><hr> </TD>
        <TD
    vAlign=bottom width=75><hr> </TD>
        <TD
    vAlign=bottom width=87><hr> </TD>
        <TD
    vAlign=bottom width=114><hr> </TD>
        <TD
    vAlign=bottom width=125><hr> </TD>
        <TD
    vAlign=bottom width=138><hr> </TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Foreign currency:</font></P></TD>
        <TD
    vAlign=top width=75> <P align=center><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P></TD>
        <TD
    vAlign=top width=87> <P align=center><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P></TD>
        <TD
    vAlign=top width=114> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=top width=125> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=top width=138> <P align=left>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Eurobonds</font></P></TD>
        <TD
    vAlign=bottom width=75> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=87> <P align=right><font size="2" face="Times New Roman, Times, serif">139,642&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=114> <P align=center><font size="2" face="Times New Roman, Times, serif">US$</font></P></TD>
        <TD
    vAlign=bottom width=125> <P align=center><font size="2" face="Times New Roman, Times, serif">9.0</font></P></TD>
        <TD
    vAlign=bottom width=138> <P align=left>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
          International Finance</font><font size="2" face="Times New Roman, Times, serif">
          Corporation - IFC</font></TD>
        <TD width=75 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">17,736&nbsp;</font></TD>
        <TD width=87 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">23,289&nbsp;</font></TD>
        <TD width=114 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">US$</font></TD>
        <TD width=125 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">9.38</font></TD>
        <TD
    vAlign=bottom width=138> <font size="2" face="Times New Roman, Times, serif">Semiannually
          to 2003</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <P><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Syndicated loan</font></P></TD>
        <TD
    vAlign=bottom width=75> <P align=right><font size="2" face="Times New Roman, Times, serif">212,503&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=87> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=114> <P align=center><font size="2" face="Times New Roman, Times, serif">US$</font></P></TD>
        <TD
    vAlign=bottom width=125> <P align=center><font size="2" face="Times New Roman, Times, serif">7.15</font></P></TD>
        <TD
    vAlign=bottom width=138> <P align=left><font size="2" face="Times New Roman, Times, serif">Semiannually
            to 2004</font></P></TD>
      </TR>
      <TR valign="bottom">
        <TD width=344> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Financing for inventories and</font><font size="2" face="Times New Roman, Times, serif">
            property additions</font></P></TD>
        <TD width=75> <P align=right><font size="2" face="Times New Roman, Times, serif">3,786&nbsp;</font></P></TD>
        <TD width=87> <P align=right><font size="2" face="Times New Roman, Times, serif">8,687&nbsp;</font></P></TD>
        <TD width=114> <P align=center><font size="2" face="Times New Roman, Times, serif">US$</font></P></TD>
        <TD width=125 align="center"> <font size="2" face="Times New Roman, Times, serif">From
          1.75 to 6.01</font></TD>
        <TD width=138 align="center"> <font size="2" face="Times New Roman, Times, serif">Semiannually
          and annually to 2003</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=344> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Advances on foreign exchange </font><font size="2" face="Times New Roman, Times, serif">contracts</font></P></TD>
        <TD
    vAlign=bottom width=75> <P align=right><font size="2" face="Times New Roman, Times, serif">73,883&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=87> <P align=right><font size="2" face="Times New Roman, Times, serif">33,582&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=114> <P align=center><font size="2" face="Times New Roman, Times, serif">US$</font></P></TD>
        <TD width=125 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">From 3.04
          to 10.5</font></TD>
        <TD width=138 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">Maximum
          of 219 days</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
          National Bank for Economic and Social &nbsp;&nbsp;&nbsp;&nbsp;Development
          (BNDES) - Exim</font></TD>
        <TD width=75 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">17,849&nbsp;</font></TD>
        <TD width=87 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></TD>
        <TD width=114 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">US$</font></TD>
        <TD width=125 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">5.25</font></TD>
        <TD width=138 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">Quarterly
          to 2003</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <font size="2" face="Times New Roman, Times, serif">Export
          prepayments, net of</font><font size="2" face="Times New Roman, Times, serif">
          linked operations</font></TD>
        <TD width=75 align="right"
    vAlign=bottom> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">23,165&nbsp;</font></P>
          </DIV></TD>
        <TD width=87 align="center"
    vAlign=bottom> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P>
          </DIV></TD>
        <TD width=114 align="right"
    vAlign=bottom> <P align=center><font size="2" face="Times New Roman, Times, serif">US$</font></P></TD>
        <TD width=125 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">From 8.0
          to 16.3</font></TD>
        <TD width=138 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">Semiannually
          and annually to 2003</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <P
      align=left>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=75><hr> </TD>
        <TD
    vAlign=bottom width=87><hr> </TD>
        <TD
    vAlign=bottom width=114> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=125> <P
      align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=138> <P>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Subtotal</font></P></TD>
        <TD
    vAlign=bottom width=75> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">348,922&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=87> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">205,200&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=114> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=125> <P
      align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=138> <P>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <P
      align=left><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P></TD>
        <TD
    vAlign=top width=75> <hr></TD>
        <TD
    vAlign=top width=87> <hr></TD>
        <TD
    vAlign=bottom width=114> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=125> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=138> <P align=left>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <P><font size="2" face="Times New Roman, Times, serif">Local
            currency:</font></P></TD>
        <TD
    vAlign=bottom width=75> <P align=right><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P></TD>
        <TD
    vAlign=bottom width=87> <P align=right><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P></TD>
        <TD
    vAlign=bottom width=114> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=125> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=138> <P align=left>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD width=344
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
          National Bank for Economic and Social Development</font></TD>
        <TD
    vAlign=bottom width=75> <P align=right><font size="2" face="Times New Roman, Times, serif">181,995&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=87> <P align=right><font size="2" face="Times New Roman, Times, serif">169,889&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=114> <P align=center><font size="2" face="Times New Roman, Times, serif">TJLP+
            IGP-M</font></P></TD>
        <TD width=125 align="center"
    vAlign=bottom> <P align=center><font size="2" face="Times New Roman, Times, serif">From
            1.5 to 6.5</font></P></TD>
        <TD
    vAlign=bottom width=138> <P align=left><font size="2" face="Times New Roman, Times, serif">Monthly,
            quarterly and semiannually to 2008</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
            (BNDES)</font></P></TD>
        <TD
    vAlign=bottom width=75> <P align=right><font size="2" face="Times New Roman, Times, serif">28,863&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=87> <P align=right><font size="2" face="Times New Roman, Times, serif">10,365&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=114> <P align=center><font size="2" face="Times New Roman, Times, serif">UMBNDES</font></P></TD>
        <TD width=125 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">From 10.57
          to 12.47</font></TD>
        <TD width=138 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">Monthly
          to 2007</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            FINAME</font></P></TD>
        <TD
    vAlign=bottom width=75> <P align=right><font size="2" face="Times New Roman, Times, serif">23,665&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=87> <P align=right><font size="2" face="Times New Roman, Times, serif">27,675&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=114> <P align=center><font size="2" face="Times New Roman, Times, serif">TJLP</font></P></TD>
        <TD width=125 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">From 1.8
          to 4.4</font></TD>
        <TD width=138 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">Monthly
          to 2007</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Onlending operations</font></P></TD>
        <TD
    vAlign=bottom width=75> <P align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=87> <P align=right><font size="2" face="Times New Roman, Times, serif">1,544&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=114> <P align=center><font size="2" face="Times New Roman, Times, serif">TJLP</font></P></TD>
        <TD
    vAlign=bottom width=125> <P align=center>&nbsp;</P></TD>
        <TD width=138 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">Monthly
          to 2002</font></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;
            Other</font></P></TD>
        <TD
    vAlign=bottom width=75> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">21&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=87> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">18&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=114> <P align=center>&nbsp;</P></TD>
        <TD width=125 align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">Various</font></TD>
        <TD
    vAlign=bottom width=138> <P align=left>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <P
      align=left>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=75><hr> </TD>
        <TD
    vAlign=bottom width=87><hr> </TD>
        <TD
    vAlign=bottom width=114> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=125> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=138> <P align=left>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <P><font size="2" face="Times New Roman, Times, serif">Subtotal</font></P></TD>
        <TD
    vAlign=bottom width=75> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">234,544&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=87> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">209,491&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=114> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=125> <P
      align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=138> <P>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD width=344 height="23"
    vAlign=top> <P
      align=left><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P></TD>
        <TD
    vAlign=bottom width=75><hr> </TD>
        <TD
    vAlign=bottom width=87><hr> </TD>
        <TD
    vAlign=bottom width=114> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=125> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=138> <P align=left>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Total financing</font></P></TD>
        <TD
    vAlign=bottom width=75> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">583,466&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=87> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">414,691&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=114> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=125> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=138> <P align=left>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <P
      align=left>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=75><hr> </TD>
        <TD
    vAlign=bottom width=87><hr> </TD>
        <TD
    vAlign=bottom width=114> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=125> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=138> <P align=left>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Current liabilities</font></P></TD>
        <TD
    vAlign=bottom width=75> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">(219,827)</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=87> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">(124,525)</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=114> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=125> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=138> <P align=left>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <P
      align=left><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P></TD>
        <TD
    vAlign=bottom width=75><hr> </TD>
        <TD
    vAlign=bottom width=87><hr> </TD>
        <TD
    vAlign=bottom width=114> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=125> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=138> <P align=left>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Long-term
            liabilities</font></P></TD>
        <TD
    vAlign=bottom width=75> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">363,639&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=87> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">290,166&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=114> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=125> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=138> <P align=left>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=top width=344> <P
      align=left><font size="2" face="Times New Roman, Times, serif"><B>&nbsp;</B></font></P></TD>
        <TD
    vAlign=top width=75><hr noshade> </TD>
        <TD
    vAlign=top width=87><hr noshade> </TD>
        <TD
    vAlign=top width=114> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=top width=125> <P align=center>&nbsp;</P></TD>
        <TD
    vAlign=top width=138> <P align=left>&nbsp;</P></TD>
      </TR>
    </TABLE>
    <P><font size="2" face="Times New Roman, Times, serif">TJLP = long-term interest
      rate</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">IGP-M = general market
      price index</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">UMBNDES = BNDES monetary
      unit</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">FINAME = government
      agency for machinery and equipment financing</font></P>
    <hr>
    <font size="2" face="Times New Roman, Times, serif"><BR clear=all>
    </font>
    <P><font size="2" face="Times New Roman, Times, serif">The long-term portion
      matures as follows:</font></P>
    <TABLE
cellSpacing=0 cellPadding=0 border=0>
      <TR>
        <TD
    vAlign=bottom width=561> <P
      align=center>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=95> <DIV>
            <P
      align=center><font size="2" face="Times New Roman, Times, serif">2002</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=95> <DIV>
            <P
      align=center><font size="2" face="Times New Roman, Times, serif">2001</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=561> <P
      align=left>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=95><hr> </TD>
        <TD
    vAlign=bottom width=95><hr> </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=561> <P
      align=left><font size="2" face="Times New Roman, Times, serif">2003</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">72,725&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=561> <P
      align=left><font size="2" face="Times New Roman, Times, serif">2004</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">273,270&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">39,112&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=561> <P><font size="2" face="Times New Roman, Times, serif">2005</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">43,145&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">161,338&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=561> <P><font size="2" face="Times New Roman, Times, serif">2006</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">32,535&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=95> <P
      align=right><font size="2" face="Times New Roman, Times, serif">12,637&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=561> <P
      align=left><font size="2" face="Times New Roman, Times, serif">2007 and
            thereafter</font></P></TD>
        <TD
    vAlign=bottom width=95> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">14,689&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=95> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">4,354&nbsp;</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=561> <P
      align=left>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=95><hr> </TD>
        <TD
    vAlign=bottom width=95><hr> </TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=561> <P
      align=left>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=95> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">363,639&nbsp;</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=95> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">290,166&nbsp;</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=561> <P>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=95><hr noshade> </TD>
        <TD
    vAlign=bottom width=95><hr noshade> </TD>
      </TR>
    </TABLE>
    <P><font size="2" face="Times New Roman, Times, serif">In June 1997, the subsidiary
      Companhia Ultragaz S.A. issued Eurobonds in the total amount of US$&nbsp;60
      million, maturing in 2005, with put/call options in 2002, and guaranteed
      by Ultrapar Participa&ccedil;&otilde;es S.A. and Ultragaz Participa&ccedil;&otilde;es S.A. In June 2002,
      the indirect subsidiary LPG International Inc. exercised the call option
      for these securities by using funds from a syndicated loan maturing in August
      2004.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">The loan from International
      Finance Corporation - IFC to the indirect subsidiary Oxiteno Nordeste S.A.
      - Ind&uacute;stria e Com&eacute;rcio is equivalent to US$&nbsp;5 million and matures in
      2003. The loan was earmarked for the expansion and modernization of the
      Cama&ccedil;ari plant in the state of Bahia, which started activities in 1997.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">The financing is collateralized
      by liens on property, plant and equipment, shareholdings, and by promissory
      notes and sureties provided by the Company and its subsidiaries.</font></P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">15.&nbsp; OTHER
      TAXES (CONSOLIDATED)</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">The Company and its
      subsidiaries obtained preliminary injunctions to pay taxes on revenues (PIS
      and COFINS) without the changes introduced by Law No. 9,718/98. The Companies
      are contesting the addition of 1% in the COFINS rate, as well as the incidence
      of PIS and COFINS on other revenues. The principal issue, however, concerns
      the collection of these taxes by the refinery which supplies LPG using the
      tax substitution system on behalf of the subsidiary companies Companhia
      Ultragaz S.A. and Bahiana Distribuidora de G&aacute;s Ltda. The tax substitution
      method, which increased the calculation basis of PIS and COFINS by four
      times the LPG price practiced by the refineries, continued until June 30, 2000, when the rates of these taxes were increased for the
      refineries and reduced to zero for distributors. However, based on legal
      counsel&#146;s opinion, Company management opted to pay, on November 26, 2002,
      the amounts previously accrued for the PIS and COFINS tax substitution,
      as well as the increment of 1% in the COFINS rate on billings, therefore
      taking advantage of the benefit provided in Executive Act No. 75 of October
      24, 2002.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">The Company and its
      subsidiaries are still challenging in court the incidence of these taxes
      on other revenues. The unpaid amounts were accrued in the financial statements
      of the Company and its subsidiaries and amount to R$ 23,730 (2001 - R$ 49,329).</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Terminal Qu&iacute;mico de
      Aratu S.A. - Tequimar obtained a favorable decision on its lawsuit contesting
      the payment of the social contribution tax introduced by Law No. 7,689/88.
      The favorable decision to this subsidiary was final and unappealable; however,
      the Federal Government filed a motion for a new trial to reverse the previous
      decision. Based on legal counsel&#146;s opinion and the outcome of recent cases
      judged by the Federal Supreme Court, the subsidiary opted to pay this tax
      on  July 31, 2002, using the tax benefit provided by Executive
      Act No. 38 of May 14, 2002, and Federal Revenue Authority Regulation No. 900 of
       July 19, 2002.</font></P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">16.&nbsp; STOCKHOLDERS&#146;
      EQUITY</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">a)&nbsp; Capital</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">The Company is a listed
      corporation with shares traded on the S&atilde;o Paulo and New York Stock
      Exchanges. Subscribed and paid-up capital is represented by 69,691,268,828
      shares without par value, 51,264,621,778 common and 18,426,647,050 preferred
      shares.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">On
December 31, 2002, 4,112,155 preferred shares
      were outstanding in the foreign market, in the form of American Depositary
      Receipts - ADRs. The following table shows the effects of the corporate
      reorganization detailed in Note 4.</font></P>
    <P>&nbsp;</P>
    <TABLE
cellSpacing=0 cellPadding=0 border=0>
      <TR>
        <TD
    vAlign=bottom width=376> <P>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=100> <P
      align=center><font size="2" face="Times New Roman, Times, serif">Capital</font></P></TD>
        <TD colSpan=2 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">Number
            of shares</font>
            <hr>
          </DIV></TD>
        <TD
    vAlign=bottom width=130> <P
      align=center>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD width=376 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">Events</font></DIV></TD>
        <TD
    vAlign=bottom width=100> <DIV>
            <P
      align=center><font size="2" face="Times New Roman, Times, serif">- R$ (000)</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=151> <DIV>
            <P
      align=center><font size="2" face="Times New Roman, Times, serif">Common</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=130> <DIV>
            <P
      align=center><font size="2" face="Times New Roman, Times, serif">Preferred</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=130> <DIV>
            <P
      align=center><font size="2" face="Times New Roman, Times, serif">Total</font></P>
          </DIV></TD>
      </TR>
      <TR valign="bottom">
        <TD width=376> <hr></TD>
        <TD width=100> <hr></TD>
        <TD width=151> <hr></TD>
        <TD width=130> <hr></TD>
        <TD width=130><hr></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=376> <P><font size="2" face="Times New Roman, Times, serif">At
             December 31, 2001</font></P></TD>
        <TD
    vAlign=bottom width=100> <P
      align=right><font size="2" face="Times New Roman, Times, serif">433,857</font></P></TD>
        <TD
    vAlign=bottom width=151> <P
      align=right><font size="2" face="Times New Roman, Times, serif">37,984,012,500</font></P></TD>
        <TD
    vAlign=bottom width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">15,015,987,500</font></P></TD>
        <TD
    vAlign=bottom width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">53,000,000,000</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=376> <P>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=100> <P
      align=right>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=151> <P
      align=right>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=130> <P
      align=right>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=130> <P
      align=right>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=376> <P><font size="2" face="Times New Roman, Times, serif">Shares
            issued for:</font></P></TD>
        <TD
    vAlign=bottom width=100> <P
      align=right>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=151> <P
      align=right>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=130> <P
      align=right>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=130> <P
      align=right>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=376> <font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;
          Merger of Gip&oacute;ia Participa&ccedil;&otilde;es Ltda.</font></TD>
        <TD width=100 align="right"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">38,527</font></TD>
        <TD
    vAlign=bottom width=151> <P
      align=right><font size="2" face="Times New Roman, Times, serif">7,850,603,880</font></P></TD>
        <TD
    vAlign=bottom width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">-</font></P></TD>
        <TD
    vAlign=bottom width=130> <P
      align=right><font size="2" face="Times New Roman, Times, serif">7,850,603,880</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;
            Merger of shares of Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio</font></P></TD>
        <TD
    vAlign=bottom> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">191,568</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">5,430,005,398</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">3,410,659,550</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">8,840,664,948</font></P>
          </DIV></TD>
      </TR>
      <TR valign="bottom">
        <TD>&nbsp; </TD>
        <TD> <hr></TD>
        <TD> <hr></TD>
        <TD> <hr></TD>
        <TD><hr></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom> <P
      align=left><font size="2" face="Times New Roman, Times, serif">At  December
            31, 2002</font></P></TD>
        <TD
    vAlign=bottom> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">663,952</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">51,264,621,778</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">18,426,647,050</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">69,691,268,828</font></P>
          </DIV></TD>
      </TR>
      <TR valign="bottom">
        <TD>&nbsp; </TD>
        <TD> <hr noshade></TD>
        <TD> <hr noshade></TD>
        <TD> <hr noshade></TD>
        <TD><hr noshade></TD>
      </TR>
    </TABLE>
    <P><font size="2" face="Times New Roman, Times, serif">Preferred shares are
      nonconvertible into common shares and nonvoting, and entitle their holders
      to minimum dividends at least 10% higher than those attributable to common
      shares, and priority in capital redemption, without premium, in the event
      of liquidation of the Company. </font></P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">b)&nbsp; Treasury
      shares</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">The Company was authorized
      to acquire its own shares at market price, without capital reduction, to
      be held in treasury.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">In 2002, preferred
      shares were acquired at the average price of R$ 19.67 per thousand shares,
      which, after the corporate reorganization, totaled 20,199,760 and held in
      treasury as of  December 31, 2002.</font></P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">c)&nbsp; Revaluation
      reserve</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">This reserve reflects
      the revaluation write-up of assets of subsidiary and associated companies;
      realization occurs on depreciation, write-off or sale of the revalued assets
      and is transferred to retained earnings, net of the related tax effects.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">In some cases, taxes
      on the revaluation reserves of certain subsidiary and associated companies
      are recognized only on realization of this reserve since the revaluations
      occurred prior to the publication of CVM Resolution No. 183/95. Deferred
      tax charges on these reserves total R$ 8,553 (2001 - R$ 9,272).</font></P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">d)&nbsp; Reserve
      for retention of profits</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">This reserve is supported
      by the investment program, in conformity with article 196 of Brazilian corporate
      law (see item f) below), and includes both a portion of net income and realization
      of revaluation reserves.</font></P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">e)&nbsp; Reserve
      for unrealized profits </font></P>
    <P><font size="2" face="Times New Roman, Times, serif">This reserve is established
      in conformity with article 197 of Brazilian corporate law; realization normally
      occurs on receipt of dividends or sale or write-off of investments. </font></P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">f)&nbsp;&nbsp;
      Dividends and appropriation of net income</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Stockholders are entitled
      by the bylaws of a minimum annual dividend of 50% of adjusted net income,
      calculated under the terms of Brazilian corporate law.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Proposed dividends
      as stated in the Company&#146;s financial statements, subject to approval at
      the Stockholders&#146; Annual Meeting, are calculated under the terms of Brazilian
      corporate law, particularly articles 196 and 197, as follows:</font></P>
    <TABLE
cellSpacing=0 cellPadding=0 border=0>
      <TR>
        <TD
    vAlign=bottom width=626> <P
      align=center><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></P></TD>
        <TD
    vAlign=bottom width=118> <DIV>
            <P
      align=center><font size="2" face="Times New Roman, Times, serif">2002</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=626> <P
      align=left>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=118> <hr></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=626> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Net income</font></P></TD>
        <TD
    vAlign=bottom width=118> <P
      align=right><font size="2" face="Times New Roman, Times, serif">222,300&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=626> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Legal reserve</font></P></TD>
        <TD
    vAlign=bottom width=118> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(11,115)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=626> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Retention
            of profits - article 196</font></P></TD>
        <TD
    vAlign=bottom width=118> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">(105,592)</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=626> <P>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=118> <hr></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=626> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Compulsory
            dividends</font></P></TD>
        <TD
    vAlign=bottom width=118> <P
      align=right><font size="2" face="Times New Roman, Times, serif">105,593&nbsp;</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=626> <P
      align=left>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=118> <P
      align=left>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=626> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Reserve for
            unrealized profits</font></P></TD>
        <TD
    vAlign=bottom width=118> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(40,593)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=626> <P><font size="2" face="Times New Roman, Times, serif">&nbsp;
            Interim dividends (R$ 0.367112 and R$ 0.403823 per thousand<BR>
            &nbsp;&nbsp;&nbsp;&nbsp; common and preferred shares, respectively)</font></P></TD>
        <TD
    vAlign=bottom width=118> <P
      align=right><font size="2" face="Times New Roman, Times, serif">(20,000)</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=626> <P
      align=left>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=118> <P
      align=right>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=626> <P><font size="2" face="Times New Roman, Times, serif">&nbsp;
            Proposed dividends payable (R$&nbsp;0.629268 and R$ 0.692195 per<BR>
            &nbsp;&nbsp;&nbsp;&nbsp; thousand common and preferred shares, respectively)</font></P></TD>
        <TD
    vAlign=bottom width=118> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">(45,000)</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=626> <P
      align=left>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=118> <hr></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=626> <P
      align=left>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=118> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">-</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom>&nbsp;</TD>
        <TD
    vAlign=bottom><hr noshade></TD>
      </TR>
    </TABLE>
    <P><font size="2" face="Times New Roman, Times, serif">Management proposes
      to transfer the remaining balance of net income to the &#147;reserve for retention
      of profits&#148; account, in order to support the business expansion project
      established in its investment plan.</font></P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">17.&nbsp;&nbsp;&nbsp;&nbsp;
      NONOPERATING EXPENSES (CONSOLIDATED)</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Composed substantially
      by recognition of the reserve for loss, in the amount R$ 40,551, on the
      investment of Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio in Nordeste Qu&iacute;mica
      S.A. - Norquisa, which reflects the estimated market value of the assets
      as well as the results on sales of permanent assets, especially on sales
      of cylinders and of the indirect participation in F&aacute;brica Carioca de Catalisadores
      S.A. - FCC.</font></P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">18.&nbsp;&nbsp;&nbsp;&nbsp;
      RISKS AND FINANCIAL INSTRUMENTS (CONSOLIDATED)</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">The main risk factors
      to which the Company and its subsidiaries are exposed reflect strategic-operating
      and economic-financial aspects. Strategic-operating risks (such as demand
      behavior, competition, technological innovation, and relevant structural
      changes in industry, among others) are addressed by the Company management
      model. Economic-financial risks mainly reflect customer default, macroeconomic
      variables such as exchange and interest rates, as well as the characteristics
      of the financial instruments used by the Company. These risks are managed
      through control policies, specific strategies and the determination of limits,
      as follows:</font></P>
  </DIV>
  <ul>
    <li>
      <DIV><font size="2" face="Times New Roman, Times, serif">Customer default
        - These risks are managed by specific policies for accepting customers
        and credit analysis and are mitigated by diversification of sales. Oxiteno
        S.A. - Ind&uacute;stria e Com&eacute;rcio and Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio
        recorded allowances of R$&nbsp;6,833 (2001 - R$ 9,383) for potential losses
        on receivables. Additionally, Companhia Ultragaz S.A., in response to
        a market situation of sharply increased prices and reduced volumes, implemented
        stricter monitoring of its customers&#146; situations, resulting in the recording
        of an allowance for potential loss of R$ 8,251 on the realization of its
        accounts receivable.<br>
        <br>
        </font></DIV>
    </li>
    <li>
      <DIV><font size="2" face="Times New Roman, Times, serif">Interest rates
        - The Company and its subsidiaries adopt conservative policies to obtain
        and invest funds and to minimize the cost of capital. The short-term investments
        of the Company and its subsidiaries are comprised substantially of transactions
        linked to interbank deposit (CDI) rates, as described in Note 5. A portion
        of the financial assets is destined for foreign currency hedges, as mentioned
        below. Funds obtained originate from BNDES financing and from abroad,
        as mentioned in Note 14.<br><br>
        </font></DIV>
    </li>
    <li>
      <DIV><font size="2" face="Times New Roman, Times, serif"> Exchange rate
        - Basically, the subsidiaries use foreign currency hedge instruments available
        in the financial market to cover their liabilities in foreign currency.
        Given the volatility of exchange rates during the year 2001, the Company
        fully hedged its foreign currency exposure. Such hedges have amounts,
        periods and indexes equivalent to bank loans in foreign currency, to which
        they are linked. The following summary shows the assets and liabilities
        in foreign currency, translated into Brazilian reais at December 31, 2002:</font></DIV>
    </li>
  </ul>
  <DIV>
    <hr>
    <font size="2" face="Times New Roman, Times, serif"><BR
clear=all>
    </font>
    <TABLE
cellSpacing=0 cellPadding=0 border=0>
      <TR>
        <TD
    vAlign=bottom width=627> <P
      align=left>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=110> <DIV>
            <P
      align=center><font size="2" face="Times New Roman, Times, serif">Book value</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=627> <P>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=110> <hr></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=627> <P><font size="2" face="Times New Roman, Times, serif">Assets:</font></P></TD>
        <TD
    vAlign=bottom width=110> <P
      align=right>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=627> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp; Currency
            hedge transactions and interest</font></P></TD>
        <TD
    vAlign=bottom width=110> <P align=right><font size="2" face="Times New Roman, Times, serif">381,048</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=627> <P><font size="2" face="Times New Roman, Times, serif">&nbsp;
            Foreign cash and cash equivalents</font></P></TD>
        <TD
    vAlign=bottom width=110> <P align=right><font size="2" face="Times New Roman, Times, serif">127,318</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=627> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp; Receivables
            from foreign customers, net of advances</font></P></TD>
        <TD
    vAlign=bottom width=110> <hr></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=627> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;
            on export contracts</font></P></TD>
        <TD
    vAlign=bottom width=110> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">37,972</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=627> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Total</font></P></TD>
        <TD
    vAlign=bottom width=110> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">546,338</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=627> <P
      align=left>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=110> <hr></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=627> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Liabilities:</font></P></TD>
        <TD
    vAlign=bottom width=110> <P
      align=right>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=627> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp; Foreign
            currency financing</font></P></TD>
        <TD
    vAlign=bottom width=110> <P align=right><font size="2" face="Times New Roman, Times, serif">348,922</font></P></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=627> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp; Import
            transactions payables</font></P></TD>
        <TD
    vAlign=bottom width=110> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">12,521</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom> <P
      align=left>&nbsp;</P></TD>
        <TD
    vAlign=bottom> <hr></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=627> <P
      align=left><font size="2" face="Times New Roman, Times, serif">&nbsp; Total</font></P></TD>
        <TD
    vAlign=bottom width=110> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">361,443</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom> <P
      align=left>&nbsp;</P></TD>
        <TD
    vAlign=bottom> <hr></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=627> <P
      align=left><font size="2" face="Times New Roman, Times, serif">Net asset
            position</font></P></TD>
        <TD
    vAlign=bottom width=110> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">184,895</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=627> <P>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=110> <hr noshade></TD>
      </TR>
    </TABLE>
    <P><font size="2" face="Times New Roman, Times, serif">Given the characteristics
      of the financial instruments described above, the managements of the Company
      and its subsidiaries believe that market values approximate the book values
      of these financial instruments. The exchange variation on cash and cash
      investments of the subsidiary Oxiteno Overseas Co. was recorded as financial
      income in the statement of income for the year ended 2002, in the amount
      of R$ 44,087 (2001 - R$ 12,814). The Company and its subsidiaries recorded
      in income the net effect of the devaluation of the Brazilian real in 2001,
      and did not use the deferral option provided for by CVM Resolution No. 404/01.
      Except for the interest held by Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio in Petroqu&iacute;mica
      Uni&atilde;o S.A., mentioned below, the other financial instruments recorded in
      the financial statements as of  December
      31, 2002 were determined in conformity with the accounting criteria and
      practices described in these notes.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">The investment in Petroqu&iacute;mica
      Uni&atilde;o S.A., representing 1.95% of total capital, was acquired at a privatization
      auction held in 1994, and is presented in the financial statements at cost
      restated through December 31, 1995, amounting to R$&nbsp;18,694. The market
      value of this investment at December 31, 2002, based on the quotation of
      the investee&#146;s shares on the Stock Exchange, was approximately R$&nbsp;12,558.
      </font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Management believes
      that no valuation reserve is necessary for this investment, in view of its
      clear strategic and permanent nature, since the investee is an important
      supplier of raw material to Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio. Also, the
      acquisition of this investment was made using long-term financing from BNDES,
      at favorable interest rates compared to those prevailing in the market.</font></P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">19.&nbsp;&nbsp;&nbsp;&nbsp;
      INSURANCE COVERAGE FOR SUBSIDIARIES</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">The subsidiaries maintain
      insurance coverage in amounts considered sufficient to cover potential losses
      from damage to assets, as well as for civil responsibility for involuntary,
      material and/or physical damages caused to third parties arising from their
      industrial and commercial operations, considering the nature of their activities
      and the advice of their insurance consultants.</font></P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">20.&nbsp;&nbsp;&nbsp;&nbsp;
      RESPONSIBILITIES FOR SURETIES AND GUARANTEES</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">The Company is responsible
      for sureties and guarantees offered on behalf of its subsidiaries, amounting
      to R$&nbsp;359,604.</font></P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">21.&nbsp;&nbsp;&nbsp;&nbsp;
      CONTINGENCIES AND COMMITMENTS (CONSOLIDATED)</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">The Petrochemical Industry
      Labor Union, which represents the employees of Oxiteno Nordeste S.A. - Ind&uacute;stria
      e Com&eacute;rcio, filed class action suits against the subsidiary in 1991, demanding
      compliance with the adjustments established in collective labor agreements
      or other specific indexes, in lieu of the salary policies effectively followed.
      Based on the opinion of its legal counsel, who analyzed the final decision
      of the Federal Supreme Court on the class action suit in which such Union
      is a plaintiff, as well as the status of the specific suit against the subsidiary,
      its management does not believe that it is necessary to record a reserve
      at December 31, 2002.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">The Company and its
      subsidiaries have other ongoing administrative and judicial proceedings;
      legal counsel consider the risks to be low or remote and, therefore, no
      reserves for potential losses on these cases have been recorded.</font></P>

    <P>&nbsp;</P>
    <P><font size="2" face="Times New Roman, Times, serif">Oxiteno Nordeste S.A.
      - Ind&uacute;stria e Com&eacute;rcio has a supply contract with Braskem S.A. (present
      name of Copene Petroqu&iacute;mica do Nordeste S.A.) effective through 2012, which
      establishes a minimum annual ethylene consumption level. The minimum purchase
      commitment and the actual demand for the years ended
December 31, 2002 and 2001, expressed in tons
      of ethylene, are summarized below. If the minimum purchase commitment is
      not met, the subsidiary is liable for a fine of 40% of the current ethylene
      price for the quantity not purchased.</font></P>
    <P>&nbsp;</P>
    <TABLE
cellSpacing=0 cellPadding=0 border=0>
      <TR>
        <TD
    vAlign=bottom width=474> <P>&nbsp;</P></TD>
        <TD width=120 rowspan="2" align="center"
    vAlign=bottom> <font size="2" face="Times New Roman, Times, serif">Minimum
          purchase</font> <DIV> <font size="2" face="Times New Roman, Times, serif">commitment</font>
            <hr>
          </DIV></TD>
        <TD colSpan=2 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">Actual
            demand</font>
            <hr>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=474> <P>&nbsp;</P></TD>
        <TD width=83 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2002</font>
            <hr>
          </DIV></TD>
        <TD width=83 align="center"
    vAlign=bottom> <DIV> <font size="2" face="Times New Roman, Times, serif">2001</font>
            <hr>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=474> <P>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=120> </TD>
        <TD
    vAlign=bottom width=83></TD>
        <TD
    vAlign=bottom width=83></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=474> <P align=left><font size="2" face="Times New Roman, Times, serif">In
            tons</font></P></TD>
        <TD
    vAlign=bottom width=120> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">137,900</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=83> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">164,534</font></P>
          </DIV></TD>
        <TD
    vAlign=bottom width=83> <DIV>
            <P
      align=right><font size="2" face="Times New Roman, Times, serif">184,772</font></P>
          </DIV></TD>
      </TR>
      <TR>
        <TD
    vAlign=bottom width=474> <P
      align=left>&nbsp;</P></TD>
        <TD
    vAlign=bottom width=120>&nbsp; </TD>
        <TD
    vAlign=bottom width=83>&nbsp; </TD>
        <TD
    vAlign=bottom width=83>&nbsp; </TD>
      </TR>
    </TABLE>
    <hr noshade>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">22.&nbsp;&nbsp;&nbsp;&nbsp;
      STOCK OPTION PLAN</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">At the Annual and Extraordinary
      Meetings held on
April 27, 2001, the stockholders approved a Stock Option Plan, to
      be offered to managers and employees in positions of responsibility in the
      Company and its subsidiaries. No options had been granted under this plan
      as of  December 31, 2002.</font></P>
    <P
align=left><font size="2" face="Times New Roman, Times, serif">23.&nbsp;&nbsp;&nbsp;&nbsp;
      EMPLOYEE BENEFITS AND PRIVATE PENSION PLAN (CONSOLIDATED)</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">The Company and its
      subsidiaries offer benefits to their employees, such as life insurance,
      health care and a pension plan. In addition, they offer loans for the acquisition
      of vehicles and personal computers to employees of certain subsidiary companies.
      These benefits are recorded on the accrual basis and terminate at the end
      of the employment relationship.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">In August 2001, the
      Company and its subsidiaries began to offer their employees a defined contribution
      pension plan. Adoption of this plan, managed by Ultraprev - Associa&ccedil;&atilde;o de
      Previd&ecirc;ncia Complementar, was approved at the Board of Directors&#146; Meeting
      on February 15, 2001. Under the
      terms of the plan, the basic contribution of each participating employee
      is defined annually by the participant between 0% and 11% of his/her salary.
      The sponsoring companies provide a matching contribution in an identical
      amount as the basic contribution. As participants retire, they may opt to
      receive monthly: (i) a percentage varying between 0.5% and 1.0% of the fund
      accumulated in their name at Ultraprev, or (ii) a fixed monthly amount which
      will extinguish the fund accumulated in the participant&#146;s name during a
      period of between 5 and 25 years. As such, neither the Company nor its subsidiaries
      assume responsibility for guaranteeing the levels of amounts or periods
      of receipt for the participants that retire under this plan. In 2002, the
      Company and its subsidiaries contributed R$ 2,925 to Ultraprev, which was
      charged to income for the year. The total number of employee participants
      as of December 31, 2002 was 4,948, with no participants retired to date.</font></P>
    <P><font size="2" face="Times New Roman, Times, serif">Additionally, Ultraprev
      has 2 active participants and 33 former employees receiving defined benefits
      according to the policies of a previous plan. Considering that the fair
      market value for the plan&#146;s assets significantly exceeds the present actuarial
      value of the accumulated benefit obligations, the sponsoring entities have
      not been contributing to the plan for these 35 participants. On the other
      hand, the sponsoring entities do not believe that it would be possible to
      recover any amounts from the plan, based on legislation applicable to closed
      private pension entities. As a result, no asset or liability relating to
      these participants has been recorded in the financial statements of the
      sponsoring companies.</font></P>
  </DIV>
  <P
  align="left"
><FONT color="#000000" size="2" face="Times New Roman, Times, serif"><BR>
    </FONT></P
>
</DIV
>
<DIV class="Part"

></DIV
>
    <p align="right"><font size="3" face="Times New Roman, Times, serif"><strong>Item 3.</strong></font></p>
<DIV class=Section1>

  <P align=center><font face="Arial, Helvetica, sans-serif"><B>NOTICE
    TO SHAREHOLDERS</B></font></P>
  <P align=center><font face="Arial, Helvetica, sans-serif"><B>ULTRAPAR
    PARTICIPA&Ccedil;&Otilde;ES S.A.</B></font></P>
  <P class=MsoNormal style="LINE-HEIGHT: 150%; TEXT-ALIGN: center"
align=center><font face="Arial, Helvetica, sans-serif">CNPJ n&ordm; 33.256.439/0001-39</font></P>
  <P class=MsoNormal style="LINE-HEIGHT: 150%; TEXT-ALIGN: center" align=center><font face="Arial, Helvetica, sans-serif"><B>A
    PUBLICLY HELD COMPANY</B></font></P>
  <P align=center><font face="Arial, Helvetica, sans-serif"><B>COMPLIMENTARY
    DIVIDENDS</B></font></P>
  <P class=MsoNormal style="LINE-HEIGHT: 150%; TEXT-ALIGN: justify"><font face="Arial, Helvetica, sans-serif">The
    Board of Directors of Ultrapar Participa&ccedil;&otilde;es S.A., at its meeting
    held on February 12, 2003, decided to distribute complimentary dividends,
    payable from net income for the fiscal year ending December 31, 2002, for
    the amount of R$ 45,000,036.78 (forty five million and thirty six reais and
    seventy eight centavos), to be paid from March 6, 2003 without remuneration
    or monetary restatement. </font></P>
  <P class=MsoNormal style="LINE-HEIGHT: 150%; TEXT-ALIGN: justify"><font face="Arial, Helvetica, sans-serif">The
    holders of common and preferred shares will receive the dividend of R$ 0.629268
    per thousand shares and R$ 0.692195 per thousand shares, respectively. </font></P>
  <P class=MsoNormal style="LINE-HEIGHT: 150%; TEXT-ALIGN: justify"><font face="Arial, Helvetica, sans-serif">The
    record date for dividend rights will be February 24, 2003. The shares will
    be traded an ex-dividend basis on the S&atilde;o Paulo Stock Exchange as from
    February 25, 2003 and on the New York Stock Exchange as from February 20,
    2003. </font></P>
  <P class=MsoNormal style="LINE-HEIGHT: 150%; TEXT-ALIGN: center"
align=center><font face="Arial, Helvetica, sans-serif">S&atilde;o Paulo, February
    12, 2003.</font></P>
  <P class=MsoNormal style="LINE-HEIGHT: 150%; TEXT-ALIGN: center"
align=center>&nbsp;</P>
  <div align="center"><font size="3" face="Arial, Helvetica, sans-serif"><strong>Fabio
    Schvartsman</strong><BR>
    Investor Relations Director</font></P> </div>
</DIV>
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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
