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<SEC-DOCUMENT>0000950103-03-001308.txt : 20030513
<SEC-HEADER>0000950103-03-001308.hdr.sgml : 20030513
<ACCEPTANCE-DATETIME>20030513143611
ACCESSION NUMBER:		0000950103-03-001308
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20030513
FILED AS OF DATE:		20030513

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:		03695196

	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>may1203_6k.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
<BODY BGCOLOR="#FFFFFF">

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<BR>
<HR ALIGN=LEFT WIDTH=100% COLOR="#000000" SIZE=4 NOSHADE STYLE="margin-top: -5px">
<HR ALIGN=LEFT WIDTH=100% COLOR="#000000" SIZE=1 NOSHADE STYLE="margin-top: -10px">

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="4"><B>FORM 6-K<BR>
SECURITIES AND EXCHANGE COMMISSION<BR><FONT SIZE="2">Washington, D.C. 20549</FONT></B></FONT></FONT> </P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Report of Foreign Private Issuer</B></FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Pursuant to Rule 13a-16
or 15d-16<BR>of the Securities Exchange Act of 1934</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Part 2" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">For the month of May, 2003</FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Commission File
Number: 001-14950 </FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="4"><B>ULTRAPAR HOLDINGS INC.</B><BR>
<FONT SIZE="2">(Translation of registrant&#146;s name into English) </FONT></FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>
Avenida Brigadeiro Luis Antonio, 1343, 9(0) Andar<BR>
Sao Paulo, SP, Brazil 01317-910
</B><BR>(Address of principal executive offices) </FONT></P>


<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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>

<!-- MARKER FORMAT-SHEET="Form 20-F" -->
<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR>
<TD WIDTH="40%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Form 20-F&nbsp;&nbsp;<U>&nbsp;&nbsp;X&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="40%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Form 40-F&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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>

<!-- MARKER FORMAT-SHEET="No" -->
<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR>
<TD WIDTH="40%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Yes&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="40%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">No&nbsp;&nbsp;<U>&nbsp;&nbsp;X&nbsp;&nbsp;</U></FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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>

<!-- MARKER FORMAT-SHEET="No" -->
<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR>
<TD WIDTH="40%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Yes&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="40%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">No&nbsp;&nbsp;<U>&nbsp;&nbsp;X&nbsp;&nbsp;</U></FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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> </P>

<!-- MARKER FORMAT-SHEET="No" -->
<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR>
<TD WIDTH="40%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Yes&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="40%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">No&nbsp;&nbsp;<U>&nbsp;&nbsp;X&nbsp;&nbsp;</U></FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">If &#147;Yes&#148; is
marked, indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b): N/A</FONT> </P>

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<BR>
<HR SIZE="1" NOSHADE COLOR="#000000" STYLE="margin-top: -2px">
<HR SIZE="4" NOSHADE COLOR="#000000" STYLE="margin-top: -10px">



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<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ULTRAPAR HOLDINGS
INC. </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Bold" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TABLE OF CONTENTS </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ITEM </B><HR SIZE="1" COLOR="#000000" NOSHADE>
</FONT></P>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>1.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Report
of Independent Accountants 033103</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>2.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>1Q03
Earnings Results</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Center Bold" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>SIGNATURES </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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>


<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ULTRAPAR HOLDINGS
INC. </B></FONT></P>


<!-- MARKER FORMAT-SHEET="Hang" -->
<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:  </FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><U>/s/
Fabio Schvartsman</U></FONT></FONT> </TD>
</TR>
</TABLE>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name:
Fabio Schvartsman<BR>Title: Chief Financial Officer </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date:  May 08,2003</FONT> </P>


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<BR>


<!-- MARKER FORMAT-SHEET="Right" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>ITEM 1</B></FONT></FONT> </P>
<BR>

<!-- MARKER FORMAT-SHEET="Right" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>VF</B><BR>12/05/03 &#150; 2:35</FONT></FONT> </P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">DELOITTE TOUCHE
TOHMATSU<BR>#52710005<BR>M2021.DOC</FONT> </P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>(Convenience
Translation into English from<BR>the Original Previously Issued in Portuguese)</I></FONT></FONT> </P>
<BR>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="4"><B><I>Ultrapar
Participa&ccedil;&otilde;es S.A.</I></B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><I>Quarterly Financial Information<BR>for the Three-month Period<BR>Ended March 31, 2003<BR>and Independent Accountants&#146; Review Report
</I></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Flush Level 2" -->
<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="1">
Deloitte Touche Tohmatsu Auditores Independentes</FONT></FONT> </TD>
</TR>
</TABLE>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Tentative and
preliminary. Only for discussion.) </B></FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 6; page: 6" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Left" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><U>INDEPENDENT
ACCOUNTANTS&#146; REVIEW REPORT</U></FONT></FONT> </P>

<!-- MARKER FORMAT-SHEET="Left" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">To the Shareholders and
Management of<BR>
Ultrapar Participacoes S.A.<BR><U>S&atilde;o Paulo &#150; SP &#150; Brazil</U></FONT></FONT> </P>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1. </FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
We have reviewed the accompanying quarterly financial information of Ultrapar
Participa&ccedil;&otilde;es S.A. (the &#147;Company&#148;) and subsidiaries as of and for
the three-month period ended March 31, 2003, prepared under the responsibility of
management and in conformity with Brazilian accounting practices, consisting of the
balance sheet (Company and consolidated), the statement of income and the performance
report, all expressed in Brazilian reais. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2. </FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
We conducted our review in accordance with specific standards established by the Brazilian
Institute of Independent Auditors (IBRACON) together with the Federal Accounting Council,
which consisted principally of: (a) inquiries of and discussions with persons responsible
for the accounting, financial and operating areas as to criteria adopted in preparing the
quarterly financial information, and (b) review of the information and subsequent events
that had or might have had material effects on the financial position and operations of
the Company and its subsidiaries. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3. </FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
Based on our review, we are not aware of any material modification that should be made to
the quarterly financial information referred to in paragraph 1 for it to be in conformity
with Brazilian accounting practices and standards issued by the Brazilian Securities
Commission (CVM), specifically applicable to the preparation of mandatory quarterly
information. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4. </FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
The balance sheet (Company and consolidated) as December 31, 2002, presented for
comparative purposes, was audited by us, in conformity with our unqualified report
thereon, dated January 24, 2003. The statement of income (Company and consolidated) for
the three--month period ended March 31, 2002, presented for comparative purposes, was
reviewed by other independent auditors who issued an unqualified review report thereon,
dated April 30, 2002. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5. </FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
The accompanying quarterly financial information has been translated into English for the
convenience of readers outside Brazil. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Sao Paulo, April 25,
2003 </FONT></P>

<!-- MARKER FORMAT-SHEET="Page # and Break" -->
<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Two columns" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
<TD WIDTH="100%">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>REGISTRATION WITH
CVM DOES NOT IMPLY ANY ANALYSIS OF THE COMPANY. COMPANY MANAGEMENT IS RESPONSIBLE FOR THE
ACCURACY OF THE INFORMATION PROVIDED. </B></FONT>
</TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>01.01 &#150;
IDENTIFICATION </B></FONT></P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1">1 &#150; CVM Code</FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1">2 &#150; Company Name</FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1">3 &#150; Corporate Taxpayer Number (CNPJ)</FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1">01846-5</FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1">33.256.439/0001-39</FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD colspan=3><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1">4 &#150; State Registration Number &#150; NIRE<BR>35.300.109.724</FONT></FONT></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>01.02 &#150; HEAD
OFFICE </B></FONT></P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
  <TR VALIGN="TOP">
    <TD colspan=2><font size="2" face="Times New Roman, Times, serif">1 &#150;
      FULL ADDRESS<BR>
      <BR>
      Av. Brigadeiro Luiz Antonio, 1343 - 9&ordm; andar</font></TD>
    <TD colspan=3><font size="2" face="Times New Roman, Times, serif">2 - DISTRICT<BR>
      <BR>
      Bela Vista</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD colspan=2><font size="2" face="Times New Roman, Times, serif">3 &#150;&#150;
      POSTAL CODE<BR>
      <BR>
      01317-910</font></TD>
    <TD colspan=2><font size="2" face="Times New Roman, Times, serif">4 - MUNICIPALITY<BR>
      <BR>
      S&atilde;o Paulo</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">5 &#150; STATE<BR>
      <BR>
      SP</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="20%"><font size="2" face="Times New Roman, Times, serif">6 &#150;
      AREA CODE<BR>
      <BR>
      11</font></TD>
    <TD WIDTH="20%"><font size="2" face="Times New Roman, Times, serif">7 &#150;
      TELEPHONE<BR>
      <BR>
      3177-6513</font></TD>
    <TD WIDTH="20%"><font size="2" face="Times New Roman, Times, serif">8 &#150;
      TELEPHONE<BR>
      <BR>
      3177-6764</font></TD>
    <TD WIDTH="20%"><font size="2" face="Times New Roman, Times, serif">9 &#150;
      TELEPHONE<BR>
      <BR>
      3177-6590</font></TD>
    <TD WIDTH="20%"><font size="2" face="Times New Roman, Times, serif">10 &#150;
      TELEX</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><font size="2" face="Times New Roman, Times, serif">11 &#150; AREA CODE<BR>
      <BR>
      11</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">12 &#150; FAX<BR>
      <BR>
      3177-6107</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">13 - FAX<BR>
      <BR>
      3177-6246</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">14 &#150; FAX</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD colspan=5><font size="2" face="Times New Roman, Times, serif">15 &#150;
      E-MAIL<BR>
      <BR>
      invest@ultra.com.br</font></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>01.03 &#150; INVESTOR
RELATIONS DIRECTOR (Company Mail Address)</B></FONT></FONT> </P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
  <TR VALIGN="TOP">
    <TD colspan=2><font size="2" face="Times New Roman, Times, serif">1 &#150; NAME<BR>
      <BR>
      Fabio Schvartsman</font></TD>
    <TD colspan=3><font size="2" face="Times New Roman, Times, serif">2 &#150; FULL ADDRESS<BR>
      <BR>
      Av. Brigadeiro Luiz Antonio, 1343 - 9&ordm; andar</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD colspan=2><font size="2" face="Times New Roman, Times, serif">3 &#150; DISTRICT<BR>
      <BR>
      Bela Vista</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">4 &#150;
      POSTAL CODE<BR>
      <BR>
      01317-910</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">5 &#150; MUNICIPALITY<BR>
      <BR>
      S&atilde;o Paulo</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">6 &#150; STATE<BR>
      <BR>
      SP</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="20%"><font size="2" face="Times New Roman, Times, serif">7 &#150;
      AREA CODE<BR>
      <BR>
      11</font></TD>
    <TD WIDTH="20%"><font size="2" face="Times New Roman, Times, serif">8 &#150;
      TELEPHONE<BR>
      <BR>
      3177-6482</font></TD>
    <TD WIDTH="20%"><font size="2" face="Times New Roman, Times, serif">9 &#150;
      TELEPHONE<BR>
      <BR>
      3177-6513</font></TD>
    <TD WIDTH="20%"><font size="2" face="Times New Roman, Times, serif">10 &#150;
      TELEPHONE<BR>
      <BR>
      3177-6475</font></TD>
    <TD WIDTH="20%"><font size="2" face="Times New Roman, Times, serif">11 &#150;
      TELEX</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><font size="2" face="Times New Roman, Times, serif">12 &#150; AREA CODE<BR>
      <BR>
      11</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">13 &#150; FAX<BR>
      <BR>
      3287-1931</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">14 &#150; FAX<BR>
      <BR>
      3177-6246</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">15 &#150; FAX<BR><BR>3177-6107</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD colspan=5><font size="2" face="Times New Roman, Times, serif">16 &#150;
      E-MAIL<BR>
      <BR>
      fabiosch@ultra.com.br</font></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>01.04 &#150;
REFERENCE/ AUDITOR </B></FONT></P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
  <TR VALIGN="TOP">
    <TD colspan=2><font size="2" face="Times New Roman, Times, serif">CURRENT
      YEAR</font></TD>
    <TD colspan=3><font size="2" face="Times New Roman, Times, serif">CURRENT
      QUARTER</font></TD>
    <TD colspan=3><font size="2" face="Times New Roman, Times, serif">PRIOR QUARTER</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="13%"><font size="2" face="Times New Roman, Times, serif">1 &#150;
      BEGINNING</font></TD>
    <TD WIDTH="13%"><font size="2" face="Times New Roman, Times, serif">2 &#150;
      END</font></TD>
    <TD WIDTH="13%"><font size="2" face="Times New Roman, Times, serif">3 &#150;
      QUARTER</font></TD>
    <TD WIDTH="13%"><font size="2" face="Times New Roman, Times, serif">4 &#150;
      BEGINNING</font></TD>
    <TD WIDTH="12%"><font size="2" face="Times New Roman, Times, serif">5 &#150;
      END</font></TD>
    <TD WIDTH="12%"><font size="2" face="Times New Roman, Times, serif">6 &#150;
      QUARTER</font></TD>
    <TD WIDTH="12%"><font size="2" face="Times New Roman, Times, serif">7 &#150;
      BEGINNING</font></TD>
    <TD WIDTH="12%"><font size="2" face="Times New Roman, Times, serif">8 &#150;
      END</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><font size="2" face="Times New Roman, Times, serif">01.01.2003</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">12.31.2003</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">1<SUP>st</SUP></font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">01.01.2003</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">03.31.2003</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">4<SUP>th</SUP></font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">10.01.2002</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">12.31.2002</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD colspan=5><font size="2" face="Times New Roman, Times, serif">9 &#150;
      AUDITORS&#146; NAME/CORPORATE NAME</font></TD>
    <TD colspan=3><font size="2" face="Times New Roman, Times, serif">10 &#150;
      CVM CODE</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD colspan=5><font size="2" face="Times New Roman, Times, serif">DELOITTE
      TOUCHE TOHMATSU AUDITORES INDEPENDENTES</font></TD>
    <TD colspan=3><font size="2" face="Times New Roman, Times, serif">00385-9</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD colspan=5><font size="2" face="Times New Roman, Times, serif">11 &#150;
      IN-CHARGE ACCOUNTANT</font></TD>
    <TD colspan=3><font size="2" face="Times New Roman, Times, serif">12 &#150; INDIVIDUAL
      TAXPAYER NUMBER (CPF) OF THE IN-CHARGE ACCOUNTANT</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD colspan=5><font size="2" face="Times New Roman, Times, serif">ALTAIR TADEU
      ROSSATO</font></TD>
    <TD colspan=3><font size="2" face="Times New Roman, Times, serif">060.977.208-23</font></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page # and Break" -->
<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Two columns" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>01.05 &#150; CAPITAL
COMPOSITION </B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Number of shares<BR>(THOUSAND)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Current quarter<BR>03.31.2003</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Prior quarter<BR>12.31.2002</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Same quarter of prior year<BR>03.31.2002</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="34%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Paid-up Capital</FONT></TD>
     <TD WIDTH="22%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="22%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="22%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1 &#150; Common</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">51,264,622&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">51,264,622&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">37,984,012&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2 &#150; Preferred</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">18,426,647&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">18,426,647&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">15,015,988&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3 &#150; Total</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">69,691,269&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">69,691,269&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">53,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Treasury Stock</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">4 &#150; Common</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">5 &#150; Preferred</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">20,199&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">20,199&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">6 &#150; Total</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">20,199&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">20,199&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>01.06 &#150; CHARACTERISTICS OF THE COMPANY</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" BORDER="1" BORDERCOLOR="#000000">
  <TR VALIGN="TOP">
    <TD><font size="2" face="Times New Roman, Times, serif">1 &#150; TYPE OF COMPANY<BR>
      Commercial, industrial and other</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><font size="2" face="Times New Roman, Times, serif">2 &#150; SITUATION<BR>
      Operating</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><font size="2" face="Times New Roman, Times, serif">3 &#150; NATURE OF
      OWNERSHIP</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><font size="2" face="Times New Roman, Times, serif">Domestic Holding 4
      &#150; ACTIVITY CODE</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><font size="2" face="Times New Roman, Times, serif">1170000 &#150; Participation
      and Administration 5 &#150; MAIN ACTIVITY<BR>
      Industrial, commercial and other</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><font size="2" face="Times New Roman, Times, serif">6 &#150; TYPE OF CONSOLIDATION</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><font size="2" face="Times New Roman, Times, serif">Full7 &#150; TYPE
      OF REPORT OF INDEPENDENT ACCOUNTANTS<BR>
      Unqualified</font></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>01.07 &#150; COMPANIES
EXCLUDED FROM THE CONSOLIDATED FINANCIAL STATEMENTS </B></FONT></P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
  <TR VALIGN="TOP">
    <TD colspan=2><font size="1" face="Times New Roman, Times, serif">1 &#150;
      ITEM</font></TD>
    <TD colspan=2><font size="1" face="Times New Roman, Times, serif">2 &#150;
      Corporate Taxpayer Number (CNPJ)<BR>
      <BR>
      &nbsp;&nbsp;&#150;</font></TD>
    <TD colspan=3><font size="1" face="Times New Roman, Times, serif">3 &#150;
      CORPORATE NAME</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="12%"><font size="1" face="Times New Roman, Times, serif">01.08
      &#150;<BR>
      <BR>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D<BR>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I</font></TD>
    <TD WIDTH="18%"><font size="1" face="Times New Roman, Times, serif">2 &#150;
      EVENT<BR>
      <BR>
      Board of Director&#146;s Meeting<BR>
      Board of Director&#146;s Meeting</font></TD>
    <TD WIDTH="14%"><font size="1" face="Times New Roman, Times, serif">3 &#150;
      APPROVAL<BR>
      <BR>
      02.12.2003<BR>
      02.12.2003</font></TD>
    <TD WIDTH="14%"><font size="1" face="Times New Roman, Times, serif">4 &#150;
      AMOUNT<BR>
      <BR>
      Dividends<BR>
      Dividends</font></TD>
    <TD WIDTH="14%"><font size="1" face="Times New Roman, Times, serif">5 &#150;
      BEGINNING OF PAYMENT<BR>
      03.06.2003<BR>
      03.06.2003</font></TD>
    <TD WIDTH="14%"><font size="1" face="Times New Roman, Times, serif">6 &#150;
      TYPE OF SHARE<BR>
      <BR>
      Common<BR>
      Preferred</font></TD>
    <TD WIDTH="14%"><font size="1" face="Times New Roman, Times, serif">7 &#150;
      AMOUNT PER SHARE<BR>
      <BR>
      0.0006292680<BR>
      0.0006921950</font></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page # and Break" -->
<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Two columns" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>01.09 &#150; SUBSCRIBED
CAPITAL AND  CHANGES IN THE CURRENT YEAR </B></FONT></P>

<TABLE WIDTH="100%" border="1" CELLPADDING="0" CELLSPACING="0" bordercolor="#000000">
  <TR align="center" VALIGN="TOP">
    <TD WIDTH="15%"><font size="2" face="Times New Roman, Times, serif">1 &#150;
      ITEM</font></TD>
    <TD WIDTH="15%"><font size="2" face="Times New Roman, Times, serif">2 &#150;
      DATE OF CHANGE</font></TD>
    <TD WIDTH="14%"><font size="2" face="Times New Roman, Times, serif">3 &#150;
      AMOUNT OF CAPITAL<BR>
      (IN THOUSANDS OF REAIS)</font></TD>
    <TD WIDTH="14%"><font size="2" face="Times New Roman, Times, serif">4 &#150;
      AMOUNT OF CHANGE<BR>
      (IN THOUSANDS OF REAIS)</font></TD>
    <TD WIDTH="14%"><font size="2" face="Times New Roman, Times, serif">5 &#150;
      ORIGIN OF CHANGE</font></TD>
    <TD WIDTH="14%"><font size="2" face="Times New Roman, Times, serif">7 &#150;
      NUMBER OF SHARES ISSUED<BR>
      (THOUSAND)</font></TD>
    <TD WIDTH="14%"><font size="2" face="Times New Roman, Times, serif">8 &#150;
      SHARE PRICE ON ISSUANCE DATE<BR>
      (IN REAIS)</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>01.10 &#150; INVESTOR
RELATIONS DIRECTOR </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Two columns" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000" WIDTH="100%">
<TR valign=top>
<TD WIDTH="15%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1 &#150; DATE<BR><BR>04.25.2003 </FONT></TD>
<TD WIDTH="85%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2 &#150; SIGNATURE </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page # and Break" -->
<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Two columns" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>02.01 &#150; BALANCE
SHEET &#150; ASSETS (Thousands of  Brazilian reais &#150; R$) </B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="11%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CODE</B></FONT></FONT></TD>
     <TD WIDTH="57%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; DESCRIPTION</B></FONT></FONT></TD>
     <TD WIDTH="16%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>03.31.2003<BR>(unaudited)</B></FONT></FONT></TD>
     <TD WIDTH="16%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>12.31.2002</B></FONT></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="11%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1</FONT></TD>
     <TD WIDTH="57%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Total assets</FONT></TD>
     <TD WIDTH="16%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,699,098&nbsp;</FONT></TD>
     <TD WIDTH="16%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,700,884&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Current assets</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">81,661&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">148,402&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.01.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Cash and cash equivalents</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">67,609&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">79,044&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.01.01.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Cash and banks</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">71&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">60&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.01.01.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Temporary cash investments</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">67,538&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">78,984&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.01.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Receivables</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.01.02.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Trade accounts receivable</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.01.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Inventories</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.01.04</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">14,052&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">69,358&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.01.04.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Recoverable taxes</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">13,819&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">13,744&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.01.04.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Dividends receivable</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">55.605&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.01.04.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">233&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">9&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Noncurrent assets</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">56,049&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">48,727&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.02.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Accounts receivable</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.02.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Receivables from related parties</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">53,949&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">46,694&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.02.02.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Affiliates</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.02.02.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Subsidiaries</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">53,883&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">46,600&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.02.02.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other related parties</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">66&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">94&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.02.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,100&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,033&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.02.03.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Deferred income tax</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,100&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,033&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Permanent assets</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,561,388&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,503,755&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.03.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Investments</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,561,388&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,503,755&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.03.01.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Investments in affiliates</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">149&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">144&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.03.01.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Investments in subsidiaries</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,561,053&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,503,418&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.03.01.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other investments</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">186&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">193&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.03.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Property, plant and equipment</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1.03.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Deferred charges</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page # and Break" -->
<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Two columns" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>02.02 &#150; BALANCE
SHEET &#150; LIABILITIES AND STOCKHOLDERS&#146; EQUITY (Thousands of  Brazilian reais &#150; R$) </B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="11%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CODE</B></FONT></FONT></TD>
     <TD WIDTH="57%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; DESCRIPTION</B></FONT></FONT></TD>
     <TD WIDTH="16%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>03.31.2003<BR>(unaudited)</B></FONT></FONT></TD>
     <TD WIDTH="16%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>12.31.2002</B></FONT></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Total liabilities and stockholders' equity</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,699,098&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,700,884&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Current liabilities</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">506&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">45,500&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.01.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Loans and financing</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.01.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Debentures</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.01.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Suppliers</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">43&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">58&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.01.04</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Taxes payable</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">24&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">29&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.01.05</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Dividends</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">337&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">45,012&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.01.06</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Accruals</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">102&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">280&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.01.06.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Income and social contribution taxes</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.01.06.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Salaries and payroll charges</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">102&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">280&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.01.07</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Payables to related parties</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.01.08</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">121&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.01.08.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other accounts payables</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">121&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Long-term liabilities</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">447,581&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">464,300&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.02.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Loans and financing</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.02.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Debentures</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.02.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Accruals</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">6,071&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">5,703&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.02.03.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Income and social contribution taxes</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.02.03.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other taxes</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">6,071&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">5,703&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.02.04</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Payables to related parties</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">441,510&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">458,597&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.02.05</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Deferred income</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.05</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Stockholders&#146; equity</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,251,011&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,191,084&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.05.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Capital</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">663,952&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">663,952&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.05.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Capital reserves</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.05.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Revaluation reserves</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">25,593&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">26,036&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.05.03.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Own assets</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.05.03.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Subsidiaries/ affiliates</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">25,593&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">26,036&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.05.04</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Profit reserves</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">501,096&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">501,096&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.05.04.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Legal</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">28,546&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">28,546&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.05.04.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Statutory</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.05.04.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">For contingencies</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.05.04.04</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Unrealized profit</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">40,593&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">40,593&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.05.04.05</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Retention of profits</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">432,355&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">432,355&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.05.04.06</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Special for undistributed dividends</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.05.04.07</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other profit reserves</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(398)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(398)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.05.04.07.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Treasury shares</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(398)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(398)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2.05.05</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Retained earnings/accumulated deficit</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">60,370&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
</TABLE>
<BR>

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<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>03.01 &#150; STATEMENT OF
INCOME (Thousands of  Brazilian reais &#150; R$) (unaudited) </B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="11%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1 &#150; CODE</FONT></TD>
     <TD WIDTH="45%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2 &#150; DESCRIPTION</FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3 &#150; 01.01.2003<BR>to 03.31.2003</FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">4 &#150; 01.01.2003<BR>to 03.31.2003</FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">5 &#150; 01.01.2002<BR>to 03.31.2002</FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">6 &#150; 01.01.2002<BR>to 03.31.2002</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="11%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.01</FONT></TD>
     <TD WIDTH="45%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Gross sales and services</FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Deductions from gross sales and services</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Net sales and services</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.04</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Cost of sales and services</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.05</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Gross profit</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.06</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Operating income/expenses</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">61,121&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">61,121&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">25,021&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">25,021&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.06.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Selling</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.06.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">General and administrative</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(657)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(657)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(511)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(511)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.06.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Financial</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3,596&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3,596&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,379&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,379&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.06.03.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Financial income</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">4,308&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">4,308&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,950&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,950&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.06.03.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Financial expenses</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(712)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(712)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(571)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(571)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.06.04</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other operating income</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">512&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">512&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">201&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">201&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.06.05</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other operating expenses</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.06.06</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Equity in subsidiaries and affiliates</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">57,670&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">57,670&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">22,952&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">22,952&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.07</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Income from operations</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">61,121&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">61,121&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">25,021&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">25,021&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.08</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Nonoperating income (expenses)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(3)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(3)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.08.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Income</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.08.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Expenses</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(3)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(3)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.09</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Income before taxes and profit sharing</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">61,118&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">61,118&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">25,021&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">25,021&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.10</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Provision for income and social contribution taxes</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(1,224)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(1,224)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(800)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(800)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.11</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Deferred income tax</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">67&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">67&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">113&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">113&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.12</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Statutory profit sharing/contributions</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.12.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Profit sharing</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.12.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Contributions</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.13</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Reversal of interest on capital</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3.15</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Net income</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">59,961&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">59,961&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">24,334&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">24,334&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Number of shares, excluding treasury shares (in thousands)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">69,671,070&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">69,671,070&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">53,000,000&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">53,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Earnings per share</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0.00086&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0.00086&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0.00046&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0.00046&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Loss per share</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
</TABLE>
<BR>

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<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7 </FONT></P>

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<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

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<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>04.01 &#150; Notes
to the Quarterly Information (Amounts in thousands of Brazilian reais &#150; R$ unless
otherwise indicated) (unaudited) </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>1.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>OPERATIONS</B></FONT></FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">The
Company invests in commercial and industrial activities, and also subscribes for or
purchases shares and quotas of other companies with similar activities. Through its
subsidiaries, the Company distributes liquefied petroleum gas &#150; LPG in Brazil,
produces and sells chemical and petrochemical products, and provides transportation and
storage services for LPG and chemical products. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>2.</B></FONT></FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>PRESENTATION
OF QUARTERLY INFORMATION</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">As
established by Brazilian Securities  Commission (CVM) Instruction No. 248 of March 29,
1996, and CVM Guidance Opinion No. 29 of April 11, 1996, the quarterly information (ITR)
is being presented in accordance with Brazilian corporate law. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>3.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>ACCOUNTING
PRACTICES AND CONSOLIDATION CRITERIA</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">In
the preparation of the quarterly information, the Company has applied the same accounting
practices adopted in the preparation of the financial statements as of December 31, 2002,
which are in accordance with standards established by the CVM and comply with accounting
practices adopted in Brazil. </FONT></TD>
</TR>
</TABLE>
<BR>

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<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8 </FONT></P>

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<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Two columns" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>04.01 &#150; Notes
to the Quarterly Information (Amounts in thousands of Brazilian reais &#150; R$ unless
otherwise indicated) (unaudited) </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>3.1</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>CONSOLIDATION
CRITERIA</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">The
consolidated  financial statements were prepared in accordance with the basic
consolidation principles  of Brazilian corporate law and standards established by the CVM
and include the following  direct and indirect subsidiaries: </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" WIDTH="70%">
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Ownership interest &#150; %<HR WIDTH="98%" SIZE="1" ALIGN="CENTER" COLOR="#000000" NOSHADE></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="70%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Direct<HR WIDTH="95%" SIZE="1" ALIGN="CENTER" COLOR="#000000" NOSHADE>
</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Indirect<HR WIDTH="95%" SIZE="1" ALIGN="CENTER" COLOR="#000000" NOSHADE>
</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="70%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Ultragaz Participa&ccedil;&otilde;es S.A</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">100</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companhia Ultragaz S.A</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">86</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bahiana Distribuidora de G&aacute;s Ltda</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">100</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uting&aacute;s Armazenadora S.A</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">56</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LPG International Inc.</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">100</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Ultraqu&iacute;mica Participa&ccedil;&otilde;es S.A</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">100</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melamina Ultra S.A. Ind&uacute;stria Qu&iacute;mica</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">93</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oleoqu&iacute;mica do Nordeste Ltda</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">100</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Oxiteno S.A. Ind&uacute;stria e Com&eacute;rcio</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">100</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxiteno Nordeste S.A. Ind. e Com</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">99</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxiteno International Co.</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">100</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxiteno Overseas Co.</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">100</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Ultracargo Participa&ccedil;&otilde;es Ltda</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">100</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transultra &#150; Armazenamento e Transporte  Especializado Ltda</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">100</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminal Qu&iacute;mico de Aratu S.A. &#150; Tequimar</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">99</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Ultratecno Participa&ccedil;&otilde;es Ltda</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">100</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">100</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD></TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">In
March 2002, the  subsidiary Oxiteno S.A. &#150; Ind&uacute;stria e Com&eacute;rcio made a
public offer for  the acquisition of the shares of its subsidiary Oxiteno Nordeste S.A.
&#150; Ind&uacute;stria e Com&eacute;rcio. This public offer was concluded on April 16,
2002 with  the acquisition of 93,871 shares of Oxiteno Nordeste S.A. &#150; Ind&uacute;stria
e  Com&eacute;rcio by Oxiteno S.A. &#150; Ind&uacute;stria e Com&eacute;rcio,
representing  approximately 73.3% of the shares held by minority stockholders. Oxiteno
S.A. &#150; Ind&uacute;stria e Com&eacute;rcio, which previously held 97% of the total
capital of  Oxiteno Nordeste S.A. &#150; 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.
&#150; Ind&uacute;stria e Com&eacute;rcio as a public company with the CVM was canceled. </FONT></TD>
</TR>
</TABLE>
<BR>

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<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9 </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

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<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>04.01 &#150; Notes
to the Quarterly Information (Amounts in thousands of Brazilian reais &#150; R$ unless
otherwise indicated) (unaudited) </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4.</B>  </FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>CORPORATE
REORGANIZATION</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">The
main effects of  the reorganization were: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">I)  </FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 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></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">II)  </FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Merger
of Oxiteno S.A. &#150; Ind&uacute;stria e Com&eacute;rcio Shares: increase of the  Company&#146;s
interest in Oxiteno S.A. &#150; 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. &#150; Ind&uacute;stria
e Com&eacute;rcio, who opted to remain with the Company. The  dissident stockholders of
Oxiteno S.A. &#150; Ind&uacute;stria e Com&eacute;rcio were paid  a total of R$ 208,028,
net of withholding income tax.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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. &#150; Ind&uacute;stria e Com&eacute;rcio beginning July 1, 2002. </FONT></TD>
</TR>
</TABLE>
<BR>

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<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>04.01 &#150; Notes
to the Quarterly Information (Amounts in thousands of Brazilian reais &#150; R$ unless
otherwise indicated) (unaudited) </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>5.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>TEMPORARY
CASH INVESTMENTS</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Company</B></FONT></FONT><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Consolidated</B></FONT></FONT><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>03.31.2003</B></FONT></FONT><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>12.31.2002</B></FONT></FONT><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>03.31.2003</B></FONT></FONT><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>12.31.2002</B></FONT></FONT><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="46%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Fixed income securities and funds</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="9%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">67,538</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="9%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">78,984</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="9%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">439,979</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="9%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">417,879</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Foreign investments (*)</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">120,703</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">127,019</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Currency hedge (**)</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">14,114</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">39,472</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">67,538</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">78,984</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">574,796</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">584,370</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD></TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(*)  </FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Investments
made by the indirect subsidiary Oxiteno Overseas Co., principally in money market funds. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(**)  </FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Accumulated
gain or loss on swap positions. The total amount hedged through these swaps is  US$&nbsp;104,351
thousand.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>6.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>ACCOUNTS
RECEIVABLE</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Consolidated</B></FONT></FONT><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>03.31.2003</B></FONT></FONT><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>12.31.2002</B></FONT></FONT><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="63%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Local customers</FONT></TD>
     <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">277,378</FONT></TD>
        <TD WIDTH="5%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">246,080</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Foreign customers</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">93,285</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">81,373</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(-) Advances on foreign exchange contracts</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(40,319</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(43,400</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(-) Allowance for doubtful accounts</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(9,259</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(12,399</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">321,085</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">271,654</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD></TR>
</TABLE>
<BR>

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<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

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<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>04.01 &#150; Notes
to the Quarterly Information (Amounts in thousands of Brazilian reais &#150; R$ unless
otherwise indicated) (unaudited) </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>7.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>INVENTORIES</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Consolidated</B></FONT></FONT><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>03.31.2003</B></FONT></FONT><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>12.31.2002</B></FONT></FONT><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="66%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Finished products</FONT></TD>
     <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">69,723</FONT></TD>
     <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">67,565</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Raw materials</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">22,907</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">20,070</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Liquefied petroleum gas (LPG)</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">20,005</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">7,908</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Consumption materials and cylinders for resale</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">10,970</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">10,707</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">123,605</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">106,250</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD></TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>8.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>RECOVERABLE
TAXES</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Represented,
substantially,  by credit balances of State Value-Added Tax &#150; ICMS, Federal Excise Tax &#150;
IPI, and prepaid income and social contribution taxes, for offset against future taxes
payable. </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Consolidated</B></FONT></FONT><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="66%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>03.31.2003</B></FONT></FONT><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>12.31.2002</B></FONT></FONT><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Income and social contribution taxes</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">58,547</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">68,288</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">ICMS (State VAT)</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">38,763</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">42,561</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">IPI (Federal VAT)</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">5,623</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,876</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,900</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,335</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">105,833</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">115,060</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD></TR>
</TABLE>
<BR>

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<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>04.01 &#150; Notes
to the Quarterly Information (Amounts in thousands of Brazilian reais &#150; R$ unless
otherwise indicated) (unaudited) </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>9.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>RELATED
&#150; COMPANIES</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Company</B></FONT></FONT><HR SIZE="1" ALIGN="CENTER" COLOR="#000000" NOSHADE></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="7"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Consolidated</B></FONT></FONT><HR SIZE="1" ALIGN="CENTER" COLOR="#000000" NOSHADE></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></tr>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Loans</B></FONT></FONT><HR SIZE="1" ALIGN="CENTER" COLOR="#000000" NOSHADE>
</TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Loans</B></FONT></FONT><HR SIZE="1" ALIGN="CENTER" COLOR="#000000" NOSHADE></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Trade accounts</B></FONT></FONT><HR SIZE="1" ALIGN="CENTER" COLOR="#000000" NOSHADE></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Assets</B></FONT></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Liabilities</B></FONT></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Assets</B></FONT></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Liabilities</B></FONT></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Receivable</B></FONT></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Payable</B></FONT></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT" COLSPAN="13"><HR NOSHADE COLOR="Black" SIZE="1"></TD></tr>
<TR VALIGN="BOTTOM">
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="36%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Ultraqu&iacute;mica Participa&ccedil;&otilde;es S.A.</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">35</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">387,160</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Serma Associa&ccedil;&atilde;o dos Usu&aacute;rios de</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipamentos de Processamentos de</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dados e Servi&ccedil;os Correlatos</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,296</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">496</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,296</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">542</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Petroqu&iacute;mica Uni&atilde;o S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">4,680</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Oxicap Ind&uacute;stria de Gases Ltda.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">555</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Agip do Brasil S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">146</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Companhia Ultragaz S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">53,848</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Ultracargo Participa&ccedil;&otilde;es Ltda.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,129</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Qu&iacute;mica da Bahia Ind&uacute;stria e</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Com&eacute;rcio S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">6,817</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">22,673</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Petr&oacute;leo Brasileiro S.A. &#150; Petrobras</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">41,510</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Petrogaz Distribuidora S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">23</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Copagaz Distribuidora de G&aacute;s S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">37</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Oleoqu&iacute;mica do Nordeste Ltda.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">27,583</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Braskem S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">15,306</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Supergasbras Distribuidora de G&aacute;s S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">41</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Cia. Termel&eacute;trica do Planalto Paulista &#150;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPP</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,089</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Plenog&aacute;s &#150; Distribuidora de G&aacute;s S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">996</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other related companies</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">66</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">669</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">660</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">257</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">78</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">332</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="4"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Total as of March 31, 2003</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">53,949</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">441,510</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,245</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">9,366</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">325</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">62,925</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD></TR>
<TR VALIGN=BOTTOM>
     <TD>&nbsp;</TD></tr>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Total as of December 31, 2002</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">46,694</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">458,597</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,603</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">10,217</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">457</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">31,896</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD></TR>
</TABLE>
<BR>

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<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>04.01 &#150; Notes
to the Quarterly Information (Amounts in thousands of Brazilian reais &#150; R$ unless
otherwise indicated) (unaudited) </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TD colspan=4>&nbsp;</TD>
     <TD ALIGN="CENTER" COLSPAN="5"><HR SIZE="1" ALIGN="CENTER" COLOR="#000000" NOSHADE></TD></tr>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Transactions</B></FONT></FONT><HR SIZE="1" ALIGN="CENTER" COLOR="#000000" NOSHADE></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Financial</B></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Sales</B></FONT></FONT><HR SIZE="1" ALIGN="CENTER" COLOR="#000000" NOSHADE></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Purchases</B></FONT></FONT><HR SIZE="1" ALIGN="CENTER" COLOR="#000000" NOSHADE></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>income (expense)</B></FONT></FONT><HR SIZE="1" ALIGN="CENTER" COLOR="#000000" NOSHADE></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="49%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Petroqu&iacute;mica Uni&atilde;o S.A.</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="12%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="12%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">26,653</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="12%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Oxicap Ind&uacute;stria de Gases Ltda.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,593</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Agip do Brasil S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">685</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Companhia Ultragaz S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Ultracargo Participa&ccedil;&otilde;es Ltda.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Qu&iacute;mica da Bahia Ind&uacute;stria e Com&eacute;rcio S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(176</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,648</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Petr&oacute;leo Brasileiro S.A. - Petrobras</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">24</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">445,244</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Petrogaz Distribuidora S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">68</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Copagaz Distribuidora de G&aacute;s S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">154</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Oleoqu&iacute;mica do Nordeste Ltda.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Braskem S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">12,759</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">105,516</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Supergasbras Distribuidora de G&aacute;s S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">257</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Cia. Termel&eacute;trica do Planalto Paulista - TPP</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">40</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Plenog&aacute;s &#150; Distribuidora de G&aacute;s S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other related companies</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">263</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">258</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Total as of March 31, 2003</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">14,212</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">580,912</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(136</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD>&nbsp;</TD></tr>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Total as of March 31, 2002</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">8,182</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">314,406</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(127</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD></TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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 &#150; 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></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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,  mentioned in Note 4. </FONT></TD>
</TR>
</TABLE>
<BR>

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<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14 </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

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<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>04.01 &#150; Notes
to the Quarterly Information (Amounts in thousands of Brazilian reais &#150; R$ unless
otherwise indicated) (unaudited) </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>10.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>INCOME
AND SOCIAL CONTRIBUTION TAXES</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>a)</B></FONT></FONT> </TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Deferred
income and social contribution taxes</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">The
Company and its subsidiaries recognize deferred 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></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Company</B></FONT></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>Consolidated</B></FONT></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="56%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>03.31.2003</B></FONT></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>12.31.2002</B></FONT></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>03.31.2003</B></FONT></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>12.31.2002</B></FONT></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="56%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Noncurrent assets</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1"></FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1"></FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1"></FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1"></FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income and social contribution taxes on:</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accruals tax-deductible only when the expenses</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;are incurred</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,100</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,033</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">30,896</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">27,605</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income and social contribution tax loss carryforwards</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">7,473</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">5,652</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,100</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,033</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">38,369</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">33,257</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Long-term liabilities</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income and social contribution taxes on:</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revaluation of property plant and equipment</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,013</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,113</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income earned abroad</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">33,203</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">32,678</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
     <TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">35,216</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">34,791</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
     <TD></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page # and Break" -->
<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">15 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Two columns" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>04.01 &#150; Notes
to the Quarterly Information (Amounts in thousands of Brazilian reais &#150; R$ unless
otherwise indicated) (unaudited) </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

<!-- MARKER FORMAT-SHEET="Hang Level 1" -->
<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>b)</B></FONT></FONT> </TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Reconciliation
of income and social contribution taxes in the statement of income</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Flush Level 2" -->
<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Income
and social contribution taxes are reconciled to official tax rates as follows: </FONT></TD>
</TR>
</TABLE>
<BR>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="3" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">Company</font></strong></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="3" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">Consolidated</font></strong></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td colspan="3" align="center" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000">
    </td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td colspan="3" align="center" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="7" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">Quarters
      ended March 31</font></strong></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td colspan="7" align="center" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="10%" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">2003</font></strong></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">2002</font></strong></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">2003</font></strong></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">2002</font></strong></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Income
      before taxes, equity in subsidiaries and</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;affiliates
      and minority interest</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">3,448</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">2,069</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">76,386</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">53,337</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Official
      tax rates - %</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">34</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">34</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">34</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">34</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Income
      and social contribution taxes at official rates</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(1,172</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(703</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(25,971</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(18,135</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Adjustments
      to the effective tax rate:</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Operating
      provisions and nondeductible</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;expenses/nontaxable
      revenues</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">15</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">16</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(3,285</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(5,192</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Adjustment
      to estimated income</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">451</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">788</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Other</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(184</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(116</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Income
      and social contribution taxes before tax</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;benefits</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(1,157</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(687</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(28,989</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(22,655</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Tax
      benefits</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Workers&#146;
      meal program (PAT)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">91</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">248</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Cultural
      incentives</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">1</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">67</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Income
      and social contribution taxes in the statement</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">of
      income</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(1,157</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(687</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(28,897</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(22,340</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=3 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=3 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=3 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=3 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Current</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(1,224</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(800</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(33,584</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(25,993</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Deferred</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">67</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">113</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">4,687</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">3,653</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
</table>
<BR>

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<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">16 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>04.01 &#150; Notes
to the Quarterly Information (Amounts in thousands of Brazilian reais &#150; R$ unless
otherwise indicated) (unaudited) </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>c)</B></FONT></FONT> </TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Tax
exemption</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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></TD>
</TR>
</TABLE>
<BR>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="52%" align="left" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">Subsidiary</font></strong></td>
    <td width="20%" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">Units</font></strong></td>
    <td width="12%" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">Exemption
      - %</font></strong></td>
    <td width="12%" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">Expiration<br>
      date </font></strong></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="52%"><hr align="left" width=95% size=1 noshade color="#000000">
      </td>
    <td colspan="3">
      <hr align="left" width=100% size=1 noshade color="#000000">
      </td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="52%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Oxiteno
      Nordeste S.A. &#8211; Ind&uacute;stria e Com&eacute;rcio</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Cama&ccedil;ari
      plant</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">100</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">2006</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="52%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Bahiana
      Distribuidora de G&aacute;s Ltda.</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Mataripe
      base</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">100</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">2003</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="52%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Juazeiro
      base</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">100</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">2004</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="52%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Suape
      base</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">100</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">2007</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="52%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Ilh&eacute;us
      base</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">37,5</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">2003</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="52%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Aracaju
      base</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">37,5</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">2003</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="52%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Terminal
      Qu&iacute;mico de Aratu S.A.&#8211; Tequimar</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Aratu
      terminal</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">100</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">2003</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="52%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Suape
      terminal (acetic acid</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="52%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">and
      butadiene byproducts)</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">100</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">2005</font></td>
  </tr>
</table>
<BR>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page # and Break" -->
<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">17 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Two columns" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>04.01 &#150; Notes
to the Quarterly Information (Amounts in thousands of Brazilian reais &#150; R$ unless
otherwise indicated) (unaudited) </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>11.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>INVESTMENTS</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="40%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%">&nbsp;</td>
    <td width="12%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%">&nbsp;</td>
    <td width="12%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="12%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="40%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="3" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">Investments</font></strong></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="3" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">Equity
      in subsidiaries and affiliates&nbsp;</font></strong></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3" align="center" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000">
    </td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td colspan="3" align="center" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="40%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="12%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="3" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">Quarter
      ended March 31</font></strong></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="7" align="center" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="40%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">03.31.2003</font></strong></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="12%" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">12.31.2002</font></strong></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="12%" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">2003</font></strong></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="12%" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">2002</font></strong></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="40%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Ultragaz
      Participa&ccedil;&otilde;es S.A.</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">198,772</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">202,068</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(3,289</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">5,575</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="40%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Ultraqu&iacute;mica
      Participa&ccedil;&otilde;es S.A.</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">513,281</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">512,404</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">877</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">12,991</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="40%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Ultracargo
      Participa&ccedil;&otilde;es Ltda.</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">106,316</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">101,949</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">4,390</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">3,119</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="40%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Ultratecno
      Participa&ccedil;&otilde;es Ltda.</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">8,630</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">8,619</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">11</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(51</font></td>
    <td width="2%"><font size="2" face="Times New Roman, Times, serif">)</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="40%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Oxiteno
      S.A. Ind&uacute;stria e Com&eacute;rcio</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">690,894</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">636,392</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">54,502</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="40%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Imaven
      Im&oacute;veis e Agropecu&aacute;ria Ltda.</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">43,160</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">41,986</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">1,174</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">1,223</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="40%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Imaven
      II Agropecu&aacute;ria S.A.</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">149</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">144</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">5</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="40%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Ultradata
      S/C Ltda.</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">95</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="40%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Others</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">186</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">193</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=1 noshade color="#000000"></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="40%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">1,561,388</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">1,503,755</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">57,670</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">22,952</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=3 noshade color="#000000"></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=3 noshade color="#000000"></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=3 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="center" width=100% size=3 noshade color="#000000"></td>
    <td>&nbsp;</td>
  </tr>
</table>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">In
November 2002, Ultradata S/C Ltda. was merged into Ultraqu&iacute;mica Partcipa&ccedil;&otilde;es
S.A. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">The
consolidated  amount of equity in the results of subsidiaries and associated companies
presented in the  statement of income includes R$&nbsp;12,889 (2002 &#150; R$&nbsp;6,432
for the quarter) of  income tax incentives arising substantially from operations in
regions eligible for such  incentives. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">In
the consolidated  financial statements, the investment of subsidiary Oxiteno S.A. &#150; Ind&uacute;stria
e  Com&eacute;rcio in associated company Oxicap Ind&uacute;stria de Gases Ltda. is
carried  under the equity method, based on their financial statements as of February 28,
2003. </FONT></TD>
</TR>
</TABLE>
<BR>

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<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">18 </FONT></P>

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<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

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<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>04.01 &#150; Notes
to the Quarterly Information (Amounts in thousands of Brazilian reais &#150; R$ unless
otherwise indicated) (unaudited) </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>12.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>PROPERTY,
PLANT AND EQUIPMENT (CONSOLIDATED)</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="34%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="center" valign="middle">&nbsp;</td>
    <td colspan="4" align="center" valign="middle"><strong><font size="2" face="Times New Roman, Times, serif">03.31.2003</font></strong></td>
    <td width="12%" align="center" valign="middle"><strong><font size="2" face="Times New Roman, Times, serif">12.31.2002</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center" valign="middle">&nbsp;</td>
    <td colspan="4" align="center" valign="middle"><hr align="center" width=100% size=1 noshade color="#000000">
    </td>
    <td align="center" valign="middle"><hr align="right" width=95% size=1 noshade color="#000000"></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="34%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="center" valign="middle"><strong><font size="2" face="Times New Roman, Times, serif">Annual<br>
      depreciation<br>
      rates - %</font></strong></td>
    <td width="12%" align="center" valign="middle"><strong><font size="2" face="Times New Roman, Times, serif">Revalued
      cost</font></strong></td>
    <td width="12%" align="center" valign="middle"><strong><font size="2" face="Times New Roman, Times, serif">Accumulated<br>
      depreciation</font></strong></td>
    <td width="2%" align="center" valign="middle">&nbsp;</td>
    <td width="12%" align="center" valign="middle"><strong><font size="2" face="Times New Roman, Times, serif">Net
      book value</font></strong></td>
    <td width="12%" align="center" valign="middle"><strong><font size="2" face="Times New Roman, Times, serif">Net
      book<br>
      value</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="right" width=95% size=1 noshade color="#000000"></td>
    <td align="right" valign="bottom"><hr align="right" width=95% size=1 noshade color="#000000"></td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom"><hr align="right" width=95% size=1 noshade color="#000000"></td>
    <td align="right" valign="bottom"><hr align="right" width=95% size=1 noshade color="#000000"></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="34%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Land</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">47,623</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="2%">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">47,623</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">47,151</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="34%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Buildings</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">4</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">323,449</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(112,978</font></td>
    <td width="2%"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">210,471</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">211,239</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="34%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Machinery
      and equipment</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">5
      to 10</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">791,831</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(390,723</font></td>
    <td width="2%"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">401,108</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">391,405</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="34%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Vehicles</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">20
      to 30</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">111,401</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(74,640</font></td>
    <td width="2%"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">36,761</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">35,146</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="34%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Furniture
      and fixtures</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">10</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">12,189</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(4,438</font></td>
    <td width="2%"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">7,751</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">7,733</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="34%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Construction
      in progress</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">41,294</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="2%">&nbsp;</td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">41,294</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">39,141</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="34%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Others</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">10
      to 20</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">74,282</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(28,093</font></td>
    <td width="2%"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">46,189</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">47,652</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="right" width=95% size=1 noshade color="#000000"></td>
    <td align="right" valign="bottom"><hr align="right" width=95% size=1 noshade color="#000000"></td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom"><hr align="right" width=95% size=1 noshade color="#000000"></td>
    <td align="right" valign="bottom"><hr align="right" width=95% size=1 noshade color="#000000"></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="34%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">1,402,069</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(610,872</font></td>
    <td width="2%"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">791,197</font></td>
    <td width="12%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">779,467</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="right" width=95% size=3 noshade color="#000000"></td>
    <td align="right" valign="bottom"><hr align="right" width=95% size=3 noshade color="#000000"></td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom"><hr align="right" width=95% size=3 noshade color="#000000"></td>
    <td align="right" valign="bottom"><hr align="right" width=95% size=3 noshade color="#000000"></td>
  </tr>
</table>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Construction
in progress refers basically to renovations of the subsidiaries&#146; plants. Other items
primarily comprise computer equipment and commercial property rights.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>13.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>DEFERRED
CHARGES (CONSOLIDATED)</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Represented
substantially by costs incurred in the implementation of system modernization projects in
the amount of R$ 24,051 ( 2002 &#150; R$ 19,866), being amortized over five to ten years,
and in the installation of Ultrasystem equipment at customers&#146; premises in the amount
of R$ 56,829 (2002 &#150; R$ 58,044), amortized over the periods of the LPG supply
contracts with these customers. </FONT></TD>
</TR>
</TABLE>
<BR>

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<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">19 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

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<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>04.01 &#150; Notes
to the Quarterly Information (Amounts in thousands of Brazilian reais &#150; R$ unless
otherwise indicated) (unaudited) </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>14.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>FINANCING
(CONSOLIDATED)</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="4%" align="center" valign="bottom">&nbsp;</td>
    <td width="27%" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">Description</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">03.31.2003</font></strong></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">12.31.2002</font></strong></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">Index/<br>
      Currency</font></strong></td>
    <td width="15%" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">Annual<br>
      Interest<br>
      Rate - %</font></strong></td>
    <td width="20%" align="left" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">Maturity
      and amortization</font></strong></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom">
<hr align="left" width=98% size=1 noshade color="#000000">
    </td>
    <td align="right" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><hr align="center" width=95% size=1 noshade color="#000000"></td>
    <td align="center" valign="bottom"><hr align="center" width=95% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Foreign
      currency:</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom" nowrap>&nbsp;</td>
    <td width="27%" align="left" valign="bottom" nowrap><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;International
      Finance<br>
      &nbsp;&nbsp;&nbsp;&nbsp;Corporation - IFC </font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">17,224</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">17,736</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">US$</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">9.38</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Semiannually
      to 2003</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Syndicated
      loan</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">205,262</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">212,503</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">US$</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">7.15</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Semiannually
      to 2004</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom" nowrap>&nbsp;</td>
    <td width="27%" align="left" valign="bottom" nowrap><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Financing
      for inventories and<br>
      &nbsp; &nbsp;&nbsp;Property additions</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">14,870</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">3,786</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">US$</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">From
      4.96 to 8.0</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Semiannually
      and annually</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">to
      2004</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Advances
      on foreign exchange contracts</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">113,551</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">73,883</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">US$</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">From
      2.4 to 10.5</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Maximum
      of 230 days</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom" nowrap>&nbsp;</td>
    <td width="27%" align="left" valign="bottom" nowrap><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;National
      Bank for Economic and<br>
      &nbsp;&nbsp;&nbsp; Social Development (BNDES)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">27,975</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">28,863</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">UMBNDES</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">From
      10.36 to 12.26</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Monthly
      to 2008</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;BNDES
      - Exim</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">16,949</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">17,849</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">US$</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">5.25</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Quarterly
      to 2003.</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom" nowrap>&nbsp;</td>
    <td width="27%" align="left" valign="bottom" nowrap><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Export
      prepayments, net of<br>
      &nbsp;&nbsp;&nbsp; Linked operations</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">48,863</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">23,165</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">US$</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">From
      4.1 to 16.3</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Semiannually
      and annually</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="10%" align="right" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">to
      2004</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Subtotal</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">444,694</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">377,785</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">0Local
      currency:</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;BNDES</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">158,591</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">163,831</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">TJLP</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">From
      1.5 to 5.0</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Monthly
      and quarterly to</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">2008</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;BNDES</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">17,728</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">18,164</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">IGP
      - M</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">6.5</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Semiannually
      to 2008</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;FINAME</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">21,078</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">23,665</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">TJLP</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">From
      1.8 to 4.4</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Monthly
      to 2007</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Other</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">19</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">21</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Various</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Subtotal</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">197,416</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">205,681</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Total
      financing</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">642,110</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">583,466</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Current
      liabilities</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(291,218</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">(219,827</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Long-term
      liabilities</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">350,892</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">363,639</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="27%" align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="left" width=100% size=3 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="left" width=100% size=3 noshade color="#000000"></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
</table>
<table width="80%" border="0" cellspacing="10" cellpadding="0">
  <tr align="left" valign="top">
    <td width="10%">&nbsp;</td>
    <td width="70%"><font size="2" face="Times New Roman, Times, serif">TJLP =
      long-term interest rate</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="10%">&nbsp;</td>
    <td width="70%"><font size="2" face="Times New Roman, Times, serif">IGP-M
      = general market price index</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="10%">&nbsp;</td>
    <td width="70%"><font size="2" face="Times New Roman, Times, serif">UMBNDES
      = BNDES monetary unit</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="10%">&nbsp;</td>
    <td width="70%"><font size="2" face="Times New Roman, Times, serif">FINAME
      = government agency for machinery and equipment financing</font></td>
  </tr>
</table>
<BR>

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<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">20 </FONT></P>

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<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>04.01 &#150; Notes
to the Quarterly Information (Amounts in thousands of Brazilian reais &#150; R$ unless
otherwise indicated) (unaudited) </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">The
long-term portion matures as follows:  </FONT></TD>
</TR>
</TABLE>
<BR>

<table width="90%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="56%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">03.31.2003</font></strong></td>
    <td width="15%" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">12.31.2002</font></strong></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="56%" align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="right" width=95% size=1 noshade color="#000000">
    </td>
    <td align="right" valign="bottom"><hr align="right" width=95% size=1 noshade color="#000000"></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="56%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">From
      1 to 2 years</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">263,364</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">273,270</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="56%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">From
      2 to 3 years</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">44,751</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">43,145</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="56%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">From
      3 to 4 years</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">32,431</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">32,535</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="56%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Over
      4 years</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">10,346</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">14,689</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="56%" align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="right" width=95% size=1 noshade color="#000000">
    </td>
    <td align="right" valign="bottom"><hr align="right" width=95% size=1 noshade color="#000000"></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="56%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">350,892</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">363,639</font></td>
  </tr>
  <tr>
    <td width="4%" align="left" valign="bottom">&nbsp;</td>
    <td width="56%" align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr align="right" width=95% size=3 noshade color="#000000">
    </td>
    <td align="right" valign="bottom"><hr align="right" width=95% size=3 noshade color="#000000"></td>
  </tr>
</table>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">The
loan from International Finance Corporation &#150; IFC to the indirect subsidiary Oxiteno
Nordeste S.A. &#150; 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></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>15.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>OTHER
TAXES (CONSOLIDATED)</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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$ 26,394 (2002 &#150; R$ 23,730). </FONT></TD>
</TR>
</TABLE>
<BR>

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<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">21 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Two columns" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>04.01 &#150; Notes
to the Quarterly Information (Amounts in thousands of Brazilian reais &#150; R$ unless
otherwise indicated) (unaudited) </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Terminal
Qu&iacute;mico de Aratu S.A. &#150; 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></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>16.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>STOCKHOLDERS&#146; EQUITY</B></FONT></FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">a)  </FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Capital  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">On
March 31, 2003, 4,190,955 preferred shares were outstanding in the foreign market, in the
form of American Depositary Receipts &#150; ADRs. The following table shows the effects
of  the corporate reorganization detailed in Note 4.  </FONT></TD>
</TR>
</TABLE>
<BR>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="41%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Number
      </font><font size="2" face="Times New Roman, Times, serif">of shares</font></td>
    <td align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td width="4%">&nbsp;</td>
    <td width="41%">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><hr align="right" width=95% size=1 noshade color="#000000">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td width="4%">&nbsp;</td>
    <td width="41%"><font size="2" face="Times New Roman, Times, serif">Events</font></td>
    <td width="10%"><font size="2" face="Times New Roman, Times, serif">Capital<br>
      &#150; R$</font></td>
    <td width="15%"><font size="2" face="Times New Roman, Times, serif">Common</font></td>
    <td width="15%"><font size="2" face="Times New Roman, Times, serif">Preferred</font></td>
    <td width="15%"><font size="2" face="Times New Roman, Times, serif">Total</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="41%">
      <hr align="left" width=95% size=1 noshade color="#000000"></td>
    <td width="10%" align="right" valign="bottom">
<hr align="right" width=95% size=1 noshade color="#000000"></td>
    <td width="15%" align="right" valign="bottom">
<hr align="right" width=95% size=1 noshade color="#000000"></td>
    <td width="15%" align="right" valign="bottom">
<hr align="right" width=95% size=1 noshade color="#000000"></td>
    <td width="15%" align="right" valign="bottom">
<hr align="right" width=95% size=1 noshade color="#000000"></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="41%"><font size="2" face="Times New Roman, Times, serif">At December
      31, 2001</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">433,857</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">37,984,012,500</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">15,015,987,500</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">53,000,000,000</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="41%">&nbsp;</td>
    <td width="10%" align="right" valign="bottom">&nbsp;</td>
    <td width="15%" align="right" valign="bottom">&nbsp;</td>
    <td width="15%" align="right" valign="bottom">&nbsp;</td>
    <td width="15%" align="right" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="41%"><font size="2" face="Times New Roman, Times, serif">Shares
      issued for:</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="41%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Merger
      of Gip&oacute;ia Participa&ccedil;&otidle;es Ltda.</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">38,527</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">7,850,603,880</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&#150;</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">7,850,603,880</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="41%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="4%" nowrap>&nbsp;</td>
    <td width="41%" nowrap><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Merger
      of shares of Oxiteno S.A. &#150; <br>
      &nbsp;&nbsp;&nbsp; Ind&uacute;stria e Com&eacute;rcio</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">191,568</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">5,430,005,398</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">3,410,659,550</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">8,840,664,948</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="41%">&nbsp;</td>
    <td width="10%" align="right" valign="bottom">
<hr align="right" width=95% size=1 noshade color="#000000"></td>
    <td width="15%" align="right" valign="bottom">
<hr align="right" width=95% size=1 noshade color="#000000"></td>
    <td width="15%" align="right" valign="bottom">
<hr align="right" width=95% size=1 noshade color="#000000"></td>
    <td width="15%" align="right" valign="bottom">
<hr align="right" width=95% size=1 noshade color="#000000"></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="41%"><font size="2" face="Times New Roman, Times, serif">At December
      31, 2002</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">663,952</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">51,264,621,778</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">18,426,647,050</font></td>
    <td width="15%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">69,691,268,828</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="41%">&nbsp;</td>
    <td width="10%" align="right" valign="bottom">
<hr align="right" width=95% size=3 noshade color="#000000"></td>
    <td width="15%" align="right" valign="bottom">
<hr align="right" width=95% size=3 noshade color="#000000"></td>
    <td width="15%" align="right" valign="bottom">
<hr align="right" width=95% size=3 noshade color="#000000"></td>
    <td width="15%" align="right" valign="bottom">
<hr align="right" width=95% size=3 noshade color="#000000"></td>
  </tr>
</table>
<BR>

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<TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">22 </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

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<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>04.01 &#150; Notes
to the Quarterly Information (Amounts in thousands of Brazilian reais &#150; R$ unless
otherwise indicated) (unaudited) </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">b)  </FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Treasury
shares  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">The
Company was authorized to acquire its own shares at market price, without capital
reduction, to be held in treasury.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">As
of March 31, 2003, there were 20,199,760 preferred shares in treasury.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">c)  </FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Revaluation
reserve  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">This
reserve reflects the revaluation write-up of assets of subsidiaries 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></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">In
some cases, taxes on the revaluation reserves of certain subsidiaries 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$ 10,237 (2002 &#150; R$ 8,553).  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>17.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>NONOPERATING
EXPENSES (CONSOLIDATED)</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Composed
substantially by the results on sales of permanent assets, especially on sales of
cylinders.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>18.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>RISKS
AND FINANCIAL INSTRUMENTS (CONSOLIDATED)</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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></TD>
</TR>
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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#149; </FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
Customer default &#150; These risks are managed by specific policies for accepting
customers and credit analysis and had mitigated by diversification of sales. Oxiteno S.A.
&#150; Ind&uacute;stria e Com&eacute;rcio and Oxiteno Nordeste S.A. &#150;
Ind&uacute;stria e Com&eacute;rcio held R$&nbsp;6,761 (2002 &#150; R$ 6,833) of allowances
for potential losses on receivables and Companhia Ultragaz S.A., R$ 6,847 (2002-R$ 8,251),
recognized in response to a market situation of sharply increased prices and reduced
volumes in 2002. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">23 </FONT></P>

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<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>04.01 &#150; Notes
to the Quarterly Information (Amounts in thousands of Brazilian reais &#150; R$ unless
otherwise indicated) (unaudited) </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#149;  </FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Interest
rates &#150; 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.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#149;  </FONT></TD>
<TD WIDTH="92%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Exchange
rates &#150; Basically, the subsidiaries use foreign currency hedge instruments
available in the financial market to cover their liabilities and assets in foreign
currency. Given the volatility of exchange rates during 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 March
31,  2003:  </FONT></TD>
</TR>
</TABLE>
<BR>

<table width="80%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="66%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="10%" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">Book
      value</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td><hr align="right" width=100% size=1 noshade color="#000000"> </td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="66%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Assets:</font></td>
    <td width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="66%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Currency
      hedge transactions and gross interest</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">375,288</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="66%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Foreign
      cash and cash equivalents</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">120,976</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="66%" align="left" valign="bottom" nowrap><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Receivables
      from foreign customers, net of advances<br>
      &nbsp;&nbsp;&nbsp;&nbsp;on export contracts</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">47,194</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td><hr align="right" width=100% size=1 noshade color="#000000"> </td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="66%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Total</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">543,458</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td><hr align="right" width=100% size=1 noshade color="#000000"> </td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="66%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Liabilities:</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="66%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Foreign
      currency financing</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">444,694</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="66%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Import
      payables</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">20,033</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td><hr align="right" width=100% size=1 noshade color="#000000"> </td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="66%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Total</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">464,727</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td><hr align="right" width=100% size=1 noshade color="#000000"> </td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="66%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">Net
      asset position</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">78,731</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td><hr align="right" width=100% size=3 noshade color="#000000"> </td>
  </tr>
</table>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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 expense in the statement of
income for the quarter ended in March 31, 2003, in the amount of R$ 6,536 (2002 &#150; financial
income in the amount of R$ 116). Except for the interest held by Oxiteno S.A.  &#150; 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 March, 31, 2003 were
determined in conformity with the accounting criteria and  practices described in these
notes. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">24 </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

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<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>04.01 &#150; Notes
to the Quarterly Information (Amounts in thousands of Brazilian reais &#150; R$ unless
otherwise indicated) (unaudited) </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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$&nbsp;18,694.
The market value of this investment at March 31, 2003, based on the quotation of the
investee&#146;s  shares on the Stock Exchange, was approximately R$&nbsp;12,538. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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. &#150; 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></TD>
</TR>
</TABLE>
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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>19.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>INSURANCE
COVERAGE FOR SUBSIDIARIES</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>20.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>SURETIES
AND GUARANTEES</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">The
Company is responsible for sureties and guarantees offered on behalf of its subsidiaries,
amounting to R$&nbsp;356,214. </FONT></TD>
</TR>
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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>21.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>CONTINGENCIES
AND COMMITMENTS (CONSOLIDATED)</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">The
Petrochemical  Industry Labor Union, which represents the employees of Oxiteno Nordeste
S.A. &#150; 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 March 31, 2003. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">25 </FONT></P>

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<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

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<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>04.01 &#150; Notes
to the Quarterly Information (Amounts in thousands of Brazilian reais &#150; R$ unless
otherwise indicated) (unaudited) </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Oxiteno
Nordeste S.A. &#150; 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 quarters ended March 31, 2003
and 2002,  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></TD>
</TR>
</TABLE>
<BR>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="36%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="36%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="36%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%">&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"><font size="2" face="Times New Roman, Times, serif"><strong>Demand
      for the three-month periods<br>
      ended March 31</strong></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"><hr align="center" width=95% size=1 noshade color="#000000">
    </td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="36%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">Minimum
      annual<br>
      purchase commitment</font></strong></td>
    <td width="20%" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">2003</font></strong></td>
    <td width="20%" align="center" valign="bottom"><strong><font size="2" face="Times New Roman, Times, serif">2002</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr align="center" width=95% size=1 noshade color="#000000"></td>
    <td><hr align="center" width=95% size=1 noshade color="#000000"></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="36%"><font size="2" face="Times New Roman, Times, serif">In tons</font></td>
    <td width="20%" align="center"><font size="2" face="Times New Roman, Times, serif">137,900</font></td>
    <td width="20%" align="center"><font size="2" face="Times New Roman, Times, serif">43,014</font></td>
    <td width="20%" align="center"><font size="2" face="Times New Roman, Times, serif">33,013</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center"><hr align="center" width=95% size=3 noshade color="#000000"></td>
    <td align="center"><hr align="center" width=95% size=3 noshade color="#000000"></td>
    <td align="center"><hr align="center" width=95% size=3 noshade color="#000000"></td>
  </tr>
</table>
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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>22.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>STOCK
OPTION PLAN</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">At
the Annual and  Extraordinary  Meetings  held on April 27, 2001,  the  stockholders
approved a Stock Option Plan,  to be offered to all managers and employees in positions
of  responsibility in the Company and its subsidiaries. No options had been granted under
this plan as of March 31, 2003. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>23.</B></FONT></FONT> </TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>EMPLOYEE
BENEFITS AND PRIVATE PENSION PLAN (CONSOLIDATED)</B></FONT></FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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 &#150; 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 </FONT></TD>
</TR>
</TABLE>
<BR>

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<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">26 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Two columns" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>04.01 &#150; Notes
to the Quarterly Information (Amounts in thousands of Brazilian reais &#150; R$ unless
otherwise indicated) (unaudited) </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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. For the quarter ended March 31, 2003, the
Company and its  subsidiaries  contributed R$  801 to Ultraprev, which was charged to
income. The total number of employee participants as of March 31, 2003 was 4,920, with no
participants retired to date. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Additionally,
Ultraprev has 2 active  participants and 34 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 36  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></TD>
</TR>
</TABLE>
<BR>

<HR SIZE="1" COLOR="#000000" NOSHADE>
<BR>

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<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">27 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Two columns" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>05.01 &#150;
Comments on the Company&#146;s Performance for the Quarter </B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">See comments on
consolidated performance.</FONT> </P>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Page # and Break" -->
<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">28 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Two columns" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>06.01 &#150; CONSOLIDATED
BALANCE SHEET &#150; ASSETS (Thousands of Brazilian reais &#150; R$) </B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="11%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CODE</B></FONT></FONT></TD>
     <TD WIDTH="57%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; DESCRIPTION</B></FONT></FONT></TD>
     <TD WIDTH="16%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>03.31.2003<BR>(unaudited)</B></FONT></FONT></TD>
     <TD WIDTH="16%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>12.31.2002</B></FONT></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="11%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1</FONT></TD>
     <TD WIDTH="57%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Total assets</FONT></TD>
     <TD WIDTH="16%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,187,142&nbsp;</FONT></TD>
     <TD WIDTH="16%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,127,913&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Current assets</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,227,192&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,186,895&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.01.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Cash and cash equivalents</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">621,821&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">637,939&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.01.01.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Cash and banks</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">47,025&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">53,569&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.01.01.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Temporary cash investments</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">574,796&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">584,370&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.01.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Receivables</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">321,085&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">271,654&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.01.02.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Trade accounts receivable</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">321,085&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">271,654&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.01.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Inventories</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">123,605&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">106,250&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.01.04</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">160,681&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">171,052&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.01.04.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Recoverable taxes</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">105,833&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">115,060&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.01.04.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Prepaid expenses</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">5,351&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3,197&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.01.04.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other receivables</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">49,497&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">52,795&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Noncurrent assets</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">52,639&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">47,382&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.02.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Accounts receivable</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.02.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Receivables from related parties</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,245&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,603&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.02.02.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Affiliates</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.02.02.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Subsidiaries</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.02.02.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other related parties</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,245&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,603&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.02.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">50,394&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">44,779&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.02.03.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Deferred income tax</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">38,369&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">33,257&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.02.03.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Escrow deposits</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">7,700&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">6,992&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.02.03.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other receivables</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">4,325&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">4,530&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Permanent assets</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">907,311&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">893,636&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.03.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Investments</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">32,501&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">33,036&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.03.01.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Investments in affiliates</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">7,172&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">6,984&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.03.01.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Investments in subsidiaries</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.03.01.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other investments</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">25,329&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">26,052&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.03.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Property, plant and equipment</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">791,197&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">779,467&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;1.03.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Deferred charges</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">83,613&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">81,133&nbsp;</FONT></TD></TR>
</TABLE>
<BR>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">29 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>06.02 &#150; CONSOLIDATED
BALANCE SHEET &#150; LIABILITIES AND STOCKHOLDERS&#146; EQUITY (Thousands of Brazilian reais &#150; R$)</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="11%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CODE</B></FONT></FONT></TD>
     <TD WIDTH="57%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; DESCRIPTION</B></FONT></FONT></TD>
     <TD WIDTH="16%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>03.31.2003<BR>(unaudited)</B></FONT></FONT></TD>
     <TD WIDTH="16%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>12.31.2002</B></FONT></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Total liabilities and stockholders&#146; equity</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,187,142&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,127,913&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Current liabilities</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">478,342&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">468,230&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.01.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Loans and financing</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">291,218&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">219,827&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.01.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Debentures</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.01.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Suppliers</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">102,611&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">104,436&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.01.04</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Taxes payable</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">11,306&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">9,952&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.01.05</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Dividends</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3,640&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">48,953&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.01.06</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Accruals</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">50,279&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">66,299&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.01.06.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Income and social contribution taxes</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3,369&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,920&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.01.06.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Salaries and payroll charges</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">46,910&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">64,379&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.01.07</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Payables to related parties</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.01.08</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">19,288&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">18,763&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Long-term liabilities</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">426,766&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">437,649&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.02.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Loans and financing</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">350,892&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">363,639&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.02.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Debentures</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.02.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Accruals</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">64,262&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">61,438&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.02.03.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Income and social contribution taxes</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">35,216&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">34,791&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.02.03.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other taxes</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">29,046&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">26,647&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.02.04</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Payables to related parties</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">9,366&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">10,217&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.02.05</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,246&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,355&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Deferred income</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.04</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Minority interest</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">31,023&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">30,950&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.05</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Stockholders&#146; equity</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,251,011&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,191,084&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.05.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Capital</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">663,952&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">663,952&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.05.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Capital reserves</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.05.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Revaluation reserves</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">25,593&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">26,036&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.05.03.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Own assets</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.05.03.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Subsidiaries/ affiliates</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">25,593&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">26,036&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.05.04</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Profit reserves</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">501,096&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">501,096&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.05.04.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Legal</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">28,546&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">28,546&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.05.04.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Statutory</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.05.04.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">For contingencies</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.05.04.04</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Unrealized profit</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">40,593&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">40,593&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.05.04.05</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Retention of profits</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">432,355&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">432,355&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.05.04.06</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Special for undistributed dividends</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.05.04.07</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other profit reserves</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(398)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(398)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.05.04.07.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Treasury shares</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(398)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(398)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;2.05.05</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Retained earnings/accumulated deficit</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">60,370&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
</TABLE>
<BR>

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<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">30 </FONT></P>

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<!-- MARKER PAGE="sheet: 1; page: 1" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Two columns" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>07.01 &#150; CONSOLIDATED
STATEMENT OF INCOME (Thousands of Brazilian reais &#150; R$)  (unaudited) </B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="11%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CODE</B></FONT></FONT></TD>
     <TD WIDTH="45%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; DESCRIPTION</B></FONT></FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; 01.01.2003<BR>to 03.31.2003</B></FONT></FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>4 &#150; 01.01.2003<BR>to 03.31.2003</B></FONT></FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>5 &#150; 01.01.2002<BR>to 03.31.2002</B></FONT></FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>6 &#150; 01.01.2002<BR>to 03.31.2002</B></FONT></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="11%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.01</FONT></TD>
     <TD WIDTH="45%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Gross sales and services</FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,153,162&nbsp;</FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,153,162&nbsp;</FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">734,457&nbsp;</FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">734,457&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Revenue deductions</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(218,980)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(218,980)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(154,887)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(154,887)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Net sales and services</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">934,182&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">934,182&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">579,570&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">579,570&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.04</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Cost of sales and services</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(741,701)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(741,701)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(446,947)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(446,947)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.05</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Gross profit</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">192,481&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">192,481&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">132,623&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">132,623&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.06</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Operating income/ expenses</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(102,680)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(102,680)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(70,604)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(70,604)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.06.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Selling</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(36,834)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(36,834)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(24,700)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(24,700)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.06.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">General and administrative</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(66,773)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(66,773)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(54,712)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(54,712)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.06.02.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Depreciation expense</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(21,653)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(21,653)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(19,009)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(19,009)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.06.02.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other expenses</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(45,120)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(45,120)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(35,703)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(35,703)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.06.03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Financial</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(12,337)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(12,337)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">716&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">716&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.06.03.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Financial income</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,520&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,520&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">22,168&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">22,168&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.06.03.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Financial expenses</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(14,857)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(14,857)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(21,452)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(21,452)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.06.04</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other operating income</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">751&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">751&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">783&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">783&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.06.05</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Other operating expenses</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.06.06</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Equity in subsidiaries and affiliates</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">12,513&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">12,513&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">7,309&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">7,309&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.07</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Income from operations</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">89,801&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">89,801&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">62,019&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">62,019&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.08</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Nonoperating income (expenses)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(902)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(902)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(1,373)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(1,373)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.08.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Income</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">835&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">835&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">661&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">661&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.08.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Expenses</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(1,737)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(1,737)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(2,034)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(2,034)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.09</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Income before taxes and profit sharing</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">88,899&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">88,899&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">60,646&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">60,646&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.10</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Provision for income and social contribution taxes</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(33,584)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(33,584)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(25,993)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(25,993)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.11</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Deferred income tax</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">4,687&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">4,687&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3,653&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3,653&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.12</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Statutory profit sharing/contributions</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.12.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Profit sharing</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.12.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Contributions</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.13</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Reversal of interest on capital</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.14</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Minority interest</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(41)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(41)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(13,972)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(13,972)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;3.15</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Net income</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">59,961&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">59,961&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">24,334&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">24,334&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Number of shares, excluding treasury shares (in thousands)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">69,671,070&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">69,671,070&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">53,000,000&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">53,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Earnings per share</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0.00086&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0.00086&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0.00046&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0.00046&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Loss per share</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">0&nbsp;</FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page # and Break" -->
<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">31 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Two columns" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>
08.01 &#150; Comments on the Company&#146;s Consolidated Performance for the Quarter</B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Net Sales:</U>
Ultrapar&#146;s consolidated net sales revenue for the first quarter 2003 (1Q03) totaled
R$ 934.2 million, 61% higher year over year and an increase of 3% in relation to 4Q02. Net
sales revenue for Ultragaz increased 46% in the 1Q03, reaching R$ 568.9 million compared
with R$ 390.7 million for the same period in 2002. Compared to 4Q02, Ultragaz&#146;s net
sales revenue reported growth of 3%. Oxiteno&#146;s net sales revenue was up 97% year over
year recording R$ 333.3 million in 1Q03 against R$ 169.2 million in 2002. Compared with
4Q02, Oxiteno&#146;s net sales revenue was 3% higher.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ultragaz: First
quarter LPG sales volume was 289.9 thousand tons, a decline of 6% in relation to the same
period in 2002. The Brazilian market was impacted by LPG price increases with a 10% fall
in sales volume in 1Q03.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Oxiteno: Total sales
volume in 1Q03 was 117.9 thousand tons, an increase of 11% compared with 105.9 thousand
tons in the same period in the preceding year. This increase is a reflection of the
greater supply of raw material in relation to 1Q02 when Braskem, Oxiteno&#146;s ethylene
supplier in Cama&ccedil;ari, interrupted operations as part of its program to expand
production capacity, restricting Oxiteno&#146;s ethylene supply in 32%, thus impacting our
sales volume. Exports were 47.8 thousand tons, down by 4% in relation to 49.9 thousand
tons sold in 1Q02, stimulated by import substitution in the polyester and hydraulic fluids
segments. Sales volume to the domestic market was 70.1 thousand tons, 25% higher than the
56.0 thousand tons sold in 1Q02.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Cost of Goods
Sold:</U> Cost of goods sold for Ultrapar in 1Q03 was R$ 741.7 million, 66% higher than
the R$ 446.9 million in the same period for 2002. Ultragaz&#146;s cost of goods sold was
R$ 499.0 million in 1Q03, an increase of 59% compared with R$ 314.4 million in the same
period of last year. The cost of goods sold at Oxiteno totaled R$ 226.0 million in 1Q03,
an increase of 83% compared to R$ 123.8 million in 1Q02. Compared to 4Q02, Ultrapar&#146;s
cost of goods sold was 9% higher than the R$ 678.3 million recorded in that period.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ultragaz: Comparing
the first quarters of 2002 and 2003, Ultragaz&#146;s cost of goods sold increased by 59%,
driven by an average increase of 80% in LPG refinery prices, a reflection of the process
of maintaining domestic LPG prices at the levels practiced in the international market.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Oxiteno:
Oxiteno&#146;s cost of goods sold posted an increase of 83% in 1Q03. This increase was due
largely to an increase in variable costs, ethylene cost was up by 77%, and a 11% increase
in sales volume on a quarter over quarter comparative basis. In relation to 4Q02,
Oxiteno&#146;s cost of sales increased by 17%, driven by increased variable costs.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Gross Profit:</U>
Ultrapar&#146;s 1Q03 gross profit was R$ 192.5 million, 45% higher than the R$ 132,6
million registered in the 1Q02. Compared with the 4Q02, gross profit fell 16%, impacted by
results at both Oxiteno and also Ultragaz.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Selling, General
and Administrative Expenses:</U> Ultrapar reported R$ 103.6 million in operating expenses
in 1Q03, 30% higher than the R$ 79.4 million in the same period in 2002. Compared to 4Q02,
operating expenses were 13% lower than the R$ 118.8 reported in that quarter.</FONT> </P>

<BR>

<!-- MARKER FORMAT-SHEET="Page # and Break" -->
<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">32 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Two columns" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>
08.01 &#150; Comments on the Company&#146;s Consolidated Performance for the Quarter</B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ultragaz:
Ultragaz&#146;s general, administrative and selling expenses totaled R$ 54.5 million in
1Q03, or R$ 8.4 million higher than the R$ 46.1 million recorded in the same period in
2002. This increase is due to higher depreciation expenses of R$ 20.3 million in 1Q03
against R$ 17.9 million for the same period in the previous year. Furthermore, selling
expenses were also higher by R$ 3.2 million in the first quarter of 2003, due to the
pre-selling expenses prior to the opening of the new filling plant in Betim, state of
Minas Gerais and an increase in salaries and bonuses. Compared with the previous quarter,
general, administrative and selling expenses were 17% lower due to the establishment of a
doubtful account provision of R$ 8.3 million in 4Q02 and the reduction in advertising,
marketing and payroll overheads.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Oxiteno: General,
administrative and selling expenses were R$ 41.7 million, R$ 13.6 million higher than
1Q02. Selling expenses increased R$ 8.8 million due to increase freight charges compatible
with growth in sales volume, the increase in oil product prices and comparative foreign
exchange variation for the two periods. Administrative expenses increased R$ 4.6 million
impacted by the cost of profit sharing and the collective wage agreements. Compared with
4Q02, Oxiteno&#146;s general, administrative and selling expenses fell 11%, due to a one
time expenses with consultancy and legal fees associated with Oxiteno&#146;s corporate
restructuring.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Operating
Income:</U> Ultrapar&#146;s operating income was R$ 89.6 million in 1Q03, 66% higher than
the R$ 54.0 million in 1Q02. This increase came mainly from Oxiteno, where the operating
income jumped from R$ 17.8 million in 2002 to R$ 66.1 million. Ultragaz&#146;s operating
income rose from R$ 30.6 million in 1Q02 to R$ 15.7 million in 1Q03. Compared to fourth
quarter 2002, Ultrapar&#146;s operating income in 1Q03 was 17% lower impacted by differing
seasonal factors between the two quarters.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Financial
Result:</U> Ultrapar recorded a net financial expense of R$ 12.3 million in 1Q03 against a
net financial income of R$ 0.7 million in 1Q02. The payment in December 2002 of R$ 208.0
million to Oxiteno&#146;s dissenting shareholders &#150; the result of the corporate
restructuring &#150; impacted our cash position. In March 6, 2003, Ultrapar paid out R$
45.0 million in dividends ending the quarter with a total cash position of R$ 621.8
million and total debt of R$ 642.1 million. The Real&#146;s appreciation of 5.1% against
the US dollar also negatively impacted our financial investments indexed to the US dollar
as well as our currency hedge. During 1Q03, we reduced our position in dollar-indexed
assets and currency hedge positions, ending the quarter with a net dollar asset position
of R$ 78.7 million, considering as assets, cash and marketable overseas financial
investments, currency hedges and foreign currency receivables, financing in foreign
currency and import bills payables.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Equity Income:</U>
Equity income was generated mainly from tax breaks at Oxiteno&#146;s plant in
Cama&ccedil;ari, and from Bahiana Distribuidora de G&aacute;s and Tequimar, together
totaling R$ 12.5 million in 1Q03, and 71% higher than the equity income reported in 1Q02.
This improvement is compatible with improved overall results, principally those of
Oxiteno. Compared with 4Q02, equity income registered a 9% fall, in line with operating
results.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Other Non-operating
Income (Expense):</U> In 1Q03, Ultrapar recorded a non-operating expenses of R$ 0.9
million, an improvement over the R$ 0.5 million in the first quarter of 2002. This result
is mainly due to the reduction in write-offs of Ultragaz&#146;s gas cylinders, discarded
as scrap metal.</FONT> </P>

<BR>

<!-- MARKER FORMAT-SHEET="Page # and Break" -->
<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">33 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Two columns" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>
08.01 &#150; Comments on the Company&#146;s Consolidated Performance for the Quarter</B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Income Tax and
Social Contribution:</U> Income tax and social contribution expenses totaled R$ 28.9
million in 1Q03 and R$ 22.3 million in the same period in 2002, figures compatible with
Ultrapar&#146;s better results. Compared with 4Q02, Ultrapar reported a reduction in
income tax and contribution social of R$ 3.1 million, compatible with the trend in
results.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Minority
Interest:</U> With the conclusion of the corporate restructuring in 2002, Oxiteno and
Ultragaz have now become wholly-owned subsidiaries of Ultrapar, practically eliminating
the minority interest in Ultrapar. In 1Q02, the minority interest in Ultrapar was R$ 14.0
million. As a consequence of the corporate restructuring, in 4Q02, Ultrapar reversed the
minority participation of the third quarter 2002 and presented a positive minority
participation of R$ 24.3 million.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Net Income:</U>
Ultrapar&#146;s net income in 1Q03 was R$ 60.0 million as against R$ 24.3 million in the
same period 2002. This is due to the improved operating income and the extinguishing of
the minority interest in Oxiteno and Ultragaz. Comparing with 4Q02, net income posted a
44% decline, this reflecting the fact that the 4Q02 net income was impacted by the
reversal of the minority interest registered in 3Q02.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>EBITDA:</U>
Ultrapar&#146;s EBITDA for 1Q03 totaled R$ 122.0 million, 48% higher than the R$ 82.5
million in the same period for 2002. Ultragaz&#146;s EBITDA was R$ 36.0 million while
EBITDA for Oxiteno was R$ 74.6 million as shown below. Compared to the fourth quarter
2002, Ultrapar&#146;s EBITDA was 13% lower than the R$ 139.9 million recorded for that
period.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Center" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">EBITDA </FONT></P>

<div align=center>
  <table width="70%" border="1" cellpadding="10" cellspacing="0" bordercolordark="#000000">
    <tr align="center" valign="middle">
      <td width="10%"><font size="2" face="Times New Roman, Times, serif">R$ million</font></td>
      <td width="10%"><font size="2" face="Times New Roman, Times, serif">1Q03</font></td>
      <td width="10%"><font size="2" face="Times New Roman, Times, serif">1Q02</font></td>
      <td width="10%"><font size="2" face="Times New Roman, Times, serif">4Q02</font></td>
      <td width="15%"><font size="2" face="Times New Roman, Times, serif">Change<br>
        1Q03 X 1Q02 </font></td>
      <td width="15%"><font size="2" face="Times New Roman, Times, serif">Change<br>
        1Q03 X 4Q02 </font></td>
  </tr>
  <tr>
      <td width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="15%">&nbsp;</td>
      <td width="15%">&nbsp;</td>
  </tr>
    <tr valign="middle">
      <td width="10%"><font size="2" face="Times New Roman, Times, serif">Ultrapar</font></td>
      <td width="10%" align="center"><font size="2" face="Times New Roman, Times, serif">122.0&nbsp;&nbsp;</font></td>
      <td width="10%" align="center"><font size="2" face="Times New Roman, Times, serif">82.5&nbsp;&nbsp;</font></td>
      <td width="10%" align="center"><font size="2" face="Times New Roman, Times, serif">139.9&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
      <td width="15%" align="center"><font size="2" face="Times New Roman, Times, serif">48%</font></td>
      <td width="15%" align="center"><font size="2" face="Times New Roman, Times, serif">(13%)</font></td>
  </tr>
    <tr valign="middle">
      <td width="10%"><font size="2" face="Times New Roman, Times, serif">Ultragaz</font></td>
      <td width="10%" align="center"><font size="2" face="Times New Roman, Times, serif">36.0</font></td>
      <td width="10%" align="center"><font size="2" face="Times New Roman, Times, serif">48.5&nbsp;&nbsp;</font></td>
      <td width="10%" align="center"><font size="2" face="Times New Roman, Times, serif">38.9&nbsp;&nbsp;</font></td>
      <td width="15%" align="center"><font size="2" face="Times New Roman, Times, serif">(26%)</font></td>
      <td width="15%" align="center"><font size="2" face="Times New Roman, Times, serif">(7%)</font></td>
  </tr>
    <tr valign="middle">
      <td width="10%"><font size="2" face="Times New Roman, Times, serif">Oxiteno</font></td>
      <td width="10%" align="center"><font size="2" face="Times New Roman, Times, serif">74.6</font></td>
      <td width="10%" align="center"><font size="2" face="Times New Roman, Times, serif">25.7&nbsp;&nbsp;</font></td>
      <td width="10%" align="center"><font size="2" face="Times New Roman, Times, serif">92.8&nbsp;&nbsp;</font></td>
      <td width="15%" align="center"><font size="2" face="Times New Roman, Times, serif">190%</font></td>
      <td width="15%" align="center"><font size="2" face="Times New Roman, Times, serif">(20%)</font></td>
  </tr>
    <tr valign="middle">
      <td width="10%"><font size="2" face="Times New Roman, Times, serif">Ultracargo</font></td>
      <td width="10%" align="center"><font size="2" face="Times New Roman, Times, serif">10.0</font></td>
      <td width="10%" align="center"><font size="2" face="Times New Roman, Times, serif">7.2</font></td>
      <td width="10%" align="center"><font size="2" face="Times New Roman, Times, serif">7.0</font></td>
      <td width="15%" align="center"><font size="2" face="Times New Roman, Times, serif">39%</font></td>
      <td width="15%" align="center"><font size="2" face="Times New Roman, Times, serif">43%</font></td>
  </tr>
</table>
</div>
<BR>

<!-- MARKER FORMAT-SHEET="Page # and Break" -->
<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">34 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Two columns" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>
09.01 &#150; Investments in subsidiaries and/or affiliates</B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

<table width="100%" border="1" bordercolor="#000000" cellspacing="0" cellpadding="0">
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="4%" align="left" valign="top"><font size="1" face="Times New Roman, Times, serif">1-<br>
      Item</font></td>
    <td width="18%" align="left" valign="top"><font size="1" face="Times New Roman, Times, serif">2
      - Company Name</font></td>
    <td width="12%" align="left" valign="top"><font size="1" face="Times New Roman, Times, serif">3
      - <br>
      Corporate Taxpayer<br>
      Number (CNPJ) </font></td>
    <td width="15%" align="left" valign="top"><font size="1" face="Times New Roman, Times, serif">4
      - Classification</font></td>
    <td width="7%" align="left" valign="top"><font size="1" face="Times New Roman, Times, serif">5
      - % of<br>
      ownership<br>
      interest in<br>
      investee </font></td>
    <td width="7%" align="left" valign="top"><font size="1" face="Times New Roman, Times, serif">6 -
      % of<br>
      investor's<br>
      net equity </font></td>
    <td width="19%" align="left" valign="top"><font size="1" face="Times New Roman, Times, serif">7
      - Type of company</font></td>
    <td width="7%" align="left" valign="top"><font size="1" face="Times New Roman, Times, serif">8
      - Number<br>
      of shares<br>
      held in the<br>
      current<br>
      quarter (in<br>
      thousands) <br>
      </font></td>
    <td width="7%" align="left" valign="top"><font size="1" face="Times New Roman, Times, serif">9
      - Number<br>
      of shares <br>
      held in the<br>
      previous <br>
      quarter (in <br>
      thousands) </font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td colspan="9"> <hr align="left" width=100% size=1 noshade color="#000000">
    </td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="4%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">01</font></td>
    <td width="18%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">Ultraqu&iacute;mica
      Participa&ccedil;&otilde;es S.A.</font></td>
    <td width="12%" align="center" valign="bottom"><font size="1" face="Times New Roman, Times, serif">34.266.973/0001-99</font></td>
    <td width="15%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">Closely-held
      subsidiary</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">100.00</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">41.03</font></td>
    <td width="19%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;Commercial,
      industrial and other</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">2,461</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">2,461</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="4%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">02</font></td>
    <td width="18%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">Ultragaz
      Participa&ccedil;&otilde;es S.A.</font></td>
    <td width="12%" align="center" valign="bottom"><font size="1" face="Times New Roman, Times, serif">57.651.960/0001-39</font></td>
    <td width="15%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">Closely-held
      subsidiary</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">100.00</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">15.89</font></td>
    <td width="19%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;Commercial,
      industrial and other</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">4,336</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">4,336</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="4%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">03</font></td>
    <td width="18%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">Ultracargo
      Participa&ccedil;&otilde;es Ltda.</font></td>
    <td width="12%" align="center" valign="bottom"><font size="1" face="Times New Roman, Times, serif">55.215.487/0001-11</font></td>
    <td width="15%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">Closely-held
      subsidiary</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">100.00</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">8.5</font></td>
    <td width="19%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;Commercial,
      industrial and other</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">2,857</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">2,857</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="4%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">04</font></td>
    <td width="18%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">Ultratecno
      Participa&ccedil;&otilde;es Ltda.</font></td>
    <td width="12%" align="center" valign="bottom"><font size="1" face="Times New Roman, Times, serif">53.690.921/0001-90</font></td>
    <td width="15%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">Closely-held
      subsidiary</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">100.00</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">0.69</font></td>
    <td width="19%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;Commercial,
      industrial and other</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">65,159</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">65,159</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="4%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">05</font></td>
    <td width="18%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">Imaven
      Im&oacute;veis e Agropecu&aacute;ria</font></td>
    <td width="12%" align="center" valign="bottom"><font size="1" face="Times New Roman, Times, serif">61.604.112/0001-46</font></td>
    <td width="15%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">Closely-held
      subsidiary</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">100.00</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">3.45</font></td>
    <td width="19%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;Commercial,
      industrial and other</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">27,734</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">27,734</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="4%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">06</font></td>
    <td width="18%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">Ltda.</font></td>
    <td width="12%" align="center" valign="bottom"><font size="1" face="Times New Roman, Times, serif">62.545.686/0001-53</font></td>
    <td width="15%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">Closely-held
      subsidiary</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">100.00</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">55.23</font></td>
    <td width="19%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;Commercial,
      industrial and other</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">35,102</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">35,102</font></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="4%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="18%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">Oxiteno
      S.A. Ind&uacute;stria e Com&eacute;rcio</font></td>
    <td width="12%" align="center" valign="bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="15%" align="left" valign="bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="19%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="7%" align="right" valign="bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
</table>
<BR>

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<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">35 </FONT></P>

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<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Convenience
Translation into English from the Original Previously Issued in Portuguese) </B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>FEDERAL PUBLIC SERVICE<BR> BRAZILIAN
SECURITIES COMMISSION (CVM)<BR> QUARTERLY INFORMATION (ITR)<BR> COMMERCIAL, INDUSTRIAL
AND OTHER COMPANIES</B>
</FONT></TD>
<TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Corporate Law<BR> March
31, 2003</B>
</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000">
<TR VALIGN="TOP">
     <TD WIDTH="13%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>1 &#150; CVM Code</B></FONT></FONT></TD>
     <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>2 &#150; Company Name</B></FONT></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>3 &#150; Corporate Taxpayer Number (CNPJ)</B></FONT></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>01846-5</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="-1"><B>33.256.439/0001-39</B></FONT></FONT></TD></TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><HR SIZE="1" COLOR="#000000" NOSHADE><B>
17.01 &#150; REPORT ON LIMITED REVIEW &#150; UNQUALIFIED</B></FONT><HR SIZE="1" COLOR="#000000" NOSHADE></P>

<!-- MARKER FORMAT-SHEET="Left" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><U>INDEPENDENT ACCOUNTANTS&#146; REVIEW
REPORT</U></FONT></FONT> </P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">To the Shareholders
and Management of<BR>Ultrapar Participa&ccedil;&otilde;es S.A.<BR><U>S&atilde;o Paulo &#150; SP &#150; Brazil</U></FONT></FONT> </P>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1.  </FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> We
have reviewed the accompanying  quarterly  financial  information of Ultrapar  Participa&ccedil;&otilde;es
S.A. (the &#147;Company&#148;) and subsidiaries as of and for the three-month  period
ended  March 31, 2003,  prepared  under the  responsibility  of  management  and in
conformity  with  Brazilian  accounting  practices,  consisting  of the balance  sheet
(Company and  consolidated), the statement of income and the performance report, all
expressed in Brazilian reais. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.  </FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> We
conducted our review in accordance with specific  standards  established by the Brazilian
Institute of Independent  Auditors  (IBRACON)  together with the Federal  Accounting
Council,  which consisted  principally of: (a) inquiries of and discussions with persons
responsible for the accounting,  financial and operating areas as to criteria adopted in
preparing the quarterly financial  information,  and (b) review of the information and
subsequent events that had or might have had material effects on the financial position
and  operations of the Company and its subsidiaries. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.  </FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Based
on our review,  we are not aware of any  material  modification  that  should be made to
the  quarterly  financial  information  referred to in  paragraph 1 for it to be in
conformity  with Brazilian  accounting  practices and standards  issued by the Brazilian
Securities  Commission  (CVM),  specifically  applicable to the preparation of mandatory
quarterly information. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.  </FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> The
balance sheet (Company and  consolidated)  as December 31, 2002,  presented for
comparative  purposes,  was audited by us, in conformity with our unqualified  report
thereon,  dated January 24, 2003. The statement of income (Company and consolidated) for
the three-month period ended March 31, 2002,  presented for comparative  purposes,  was
reviewed by  other independent auditors who issued an unqualified review report  thereon,
dated April 30, 2002. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.  </FONT></TD>
<TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> The
accompanying quarterly financial information has been translated into English for the
convenience of readers outside Brazil. </FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Left" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">S&atilde;o Paulo, April
25, 2003 </FONT></P>

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<BR>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">36 </FONT></P>

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<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Index </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="1" BORDERCOLOR="#000000" ALIGN="CENTER" WIDTH="80%">
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Group</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Table</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Description</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Page</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">01</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">01</FONT></TD>
     <TD WIDTH="63%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Identification</FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">02&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">01</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Head office</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">02&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">01</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">03</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Investor relations director (Company mailing address)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">02&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">01</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">04</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">ITR reference</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">02&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">01</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">05</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Capital composition</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">03&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">01</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">06</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Characteristics of the Company</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">03&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">01</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">07</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Companies excluded from the consolidated financial statements</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">03&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">01</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">08</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Dividends approved and/or paid during and after the quarter</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">03&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">01</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">09</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Subscribed capital and changes in the current year</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">04&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">01</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">10</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Investor relations director</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">04&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">02</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Balance sheet &#150; assets</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">05&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">02</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Balance sheet &#150; liabilities and stockholders' equity</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">06&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">03</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Statement of income</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">07&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">04</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Notes to the quarterly information</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">08&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">05</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Comments on the Company&#146;s performance for the quarter</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">28&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">06</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Consolidated balance sheet &#150; assets</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">29&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">06</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Consolidated balance sheet &#150; liabilities and stockholders&#146; equity</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">30&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">07</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Consolidated statement of income</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">31&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">08</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Comments on the consolidated performance for the quarter</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">32&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">09</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Investments in subsidiaries and/or affiliates</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">35&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">17</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Report on special review &#150; unqualified</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">36&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Ultraqu&iacute;mica Participa&ccedil;&otilde;es S.A.</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Ultragaz Participa&ccedil;&otilde;es S.A.</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Ultracargo Participa&ccedil;&otilde;es Ltda.</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Ultratecno Participa&ccedil;&otilde;es Ltda.</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Oxiteno S.A. Ind&uacute;stria e Com&eacute;rcio</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
<BR>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Tentative and
preliminary. Only for discussion.) </B></FONT></P>


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<BR>

<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>ITEM 2</B></FONT></FONT> </P>
<BR>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="17%" align="center"><img src="ultra_logo1.jpg" width="95" height="97"></td>
    <td width="83%" align="right" valign="middle"><font size="2" face="Arial, Helvetica, sans-serif"><strong><em>1<sup>st</sup>
      Quarter 03</em> </strong></font>
      <hr align="left" width=100% size=1 noshade color="#000000">
</td>
  </tr>
</table>

<P>&nbsp; </P>
<P align="center"> <B><I><FONT size=5 face="sans-serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES
  S.A.</FONT></I></B> <br>
  <FONT size=2 face="sans-serif">(NYSE: UGP/ BOVESPA:UGPA4) </FONT> </P>
<br>
<br>
<br>
<P align="center"> <B><FONT face="sans-serif">INFORMATION AND RESULTS FOR THE
  FIRST QUARTER 2003<br>
  </FONT></B><FONT size=2 face="sans-serif">(S&atilde;o Paulo, May 8, 2003)</FONT><B><FONT size=2 face="sans-serif">
  </FONT></B> </P>
<P align="center"> <B><FONT size=2 face="sans-serif">61% GROWTH IN NET REVENUE
  IN 1Q03 COMPARED TO 1Q02<br>
  66% GROWTH IN OPERATING PROFIT<br>
  </FONT></B><B><FONT size=2 face="sans-serif">EBITDA INCREASED 48% IN 1Q03 COMPARED
  TO 1Q02 <br>
  147% HIGHER NET INCOME IN 1Q03 COMPARED TO 1Q02 </FONT></B> </P>
<br>
<br>
<br>
<P align="center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">&#147;</FONT></I><I><FONT size=2 face="sans-serif">In
  the past year, the LPG market has suffered, simultaneously, from substantial
  price increases, negatively affecting demand, and from a stiffer competition,
  especially in recent months. Despite the adverse scenario, through our business
  segment diversification, strategic positioning and financial position, we could
  register an expressive growth in results in the last quarter. </FONT></I> </P>
<P align="right"> <FONT size=2 face="sans-serif">Paulo G. A. Cunha &#150; </FONT><I><FONT size=2 face="sans-serif">CEO</FONT></I>
</P>
<br>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="60%"><B><FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es
      S.A. <br>
      </FONT></B><FONT size=2 face="sans-serif">UGPA4 = R$ 23.15 / 1.000 shares
      <br>
      UGP = US$ 6.88 / ADR <br>
      </FONT><FONT size=2 face="sans-serif">(31/03/03) </FONT></td>
    <td width="20%" align="center" valign="middle"><IMG src="may1203_x1x2.jpg" border=0></td>
    <td width="20%" align="center" valign="middle"><IMG src="may1203_x1x3.jpg" border=0></td>
  </tr>
</table>
<br>
<br>
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<hr size=2 color=GRAY noshade>
<br>
<br>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="90%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong><em>1<sup>st
      </sup>Quarter 03</em></strong> </font>
      <hr align="center" width=100% size=1 noshade color="#000000">
</td>
    <td width="10%" align="left" valign="middle"><img src="ultra_logo2.jpg" width="46" height="47"></td>
  </tr>
</table>
<div align="center"><br>
  <FONT size=2 face="sans-serif"> </FONT><B><FONT size=5 face="sans-serif">1</FONT></B><B><SUP><FONT size=5 face="sans-serif">st
  </FONT></SUP></B><B><FONT size=5 face="sans-serif">Quarter 2003 - Overview </FONT></B> </P>
</div>
<P>
<FONT size=2 face="sans-serif">Ultrapar, a company engaged in LPG distribution (Ultragaz), chemical and petrochemical production (Oxiteno) as well as transportation and storage of related products (Ultracargo), reported the following results for the
first quarter 2003:</FONT>
</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr bgcolor="#660099">
    <td width="46%" align="left" valign="middle"><strong><font color="#FFFFFF" size="2" face="sans-serif">Financial
      Performance<br>
      Ultrapar Consolidated </font></strong></td>
    <td width="10%" align="center" valign="middle"><strong><font color="#FFFFFF" size="2" face="sans-serif">1Q03</font></strong></td>
    <td width="10%" align="center" valign="middle"><strong><font color="#FFFFFF" size="2" face="sans-serif">1Q02</font></strong></td>
    <td width="10%" align="center" valign="middle"><strong><font color="#FFFFFF" size="2" face="sans-serif">4Q02</font></strong></td>
    <td colspan="2" align="center" valign="middle"><strong><font color="#FFFFFF" size="2" face="sans-serif">&#916;
      (%)<br>
      1Q03x1Q02 </font></strong></td>
    <td colspan="2" align="center" valign="middle"><strong><font color="#FFFFFF" size="2" face="sans-serif">&#916;
      (%)<br>
      1Q03x4Q02 </font></strong></td>
  </tr>
  <tr>
    <td width="46%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="10%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="10%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="10%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="10%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="46%" align="left" valign="bottom"><font size="2" face="sans-serif">Net
      Sales Revenue</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">934</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">580</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">908</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">61</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">%</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">3</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">%</font></td>
  </tr>
  <tr>
    <td width="46%" align="left" valign="bottom"><font size="2" face="sans-serif">Gross
      Profit</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">193</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">133</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">229</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">45</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">%</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">(16</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">%)</font></td>
  </tr>
  <tr>
    <td width="46%" align="left" valign="bottom"><font size="2" face="sans-serif">Operating
      Profit</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">90</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">54</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">108</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">66</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">%</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">(17</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">%)</font></td>
  </tr>
  <tr>
    <td width="46%" align="left" valign="bottom"><font size="2" face="sans-serif">EBITDA</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">122</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">83</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">140</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">48</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">%</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">(13</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">%)</font></td>
  </tr>
  <tr>
    <td width="46%" align="left" valign="bottom"><font size="2" face="sans-serif">Net
      Income</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">60</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">24</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">108</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">147</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">%</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">(44</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">%)</font></td>
  </tr>
  <tr>
    <td width="46%" align="left" valign="bottom"><font size="2" face="sans-serif">Earnings
      per 1,000 shares</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">0.86</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">0.46</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">1.55</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">87</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">%</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">(45</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">%)</font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="46%" align="left" valign="bottom"><font size="1" face="sans-serif">In
      millions of R$ (except EPS)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr bgcolor="#660099">
    <td width="46%" align="left" valign="middle"><strong><font color="#FFFFFF" size="2" face="sans-serif">Operating</font><font color="#FFFFFF" size="2" face="sans-serif">
      Performance<br>
      Ultragaz</font></strong></td>
    <td width="10%" align="center" valign="middle"><strong><font color="#FFFFFF" size="2" face="sans-serif">1Q03</font></strong></td>
    <td width="10%" align="center" valign="middle"><strong><font color="#FFFFFF" size="2" face="sans-serif">1Q02</font></strong></td>
    <td width="10%" align="center" valign="middle"><strong><font color="#FFFFFF" size="2" face="sans-serif">4Q02</font></strong></td>
    <td colspan="2" align="center" valign="middle"><strong><font color="#FFFFFF" size="2" face="sans-serif">&#916;
      (%)<br>
      1Q03x1Q02 </font></strong></td>
    <td colspan="2" align="center" valign="middle"><strong><font color="#FFFFFF" size="2" face="sans-serif">&#916;
      (%)<br>
      1Q03x4Q02 </font></strong></td>
  </tr>
  <tr>
    <td width="46%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="10%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="10%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="10%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="10%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="46%" align="left" valign="bottom"><strong><font size="2" face="sans-serif">Sales
      Volume (thousand tons)</font></strong></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><strong><font size="2" face="sans-serif">289.9</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="sans-serif">307.1</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="sans-serif">327.2</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="sans-serif">(6</font></strong></td>
    <td width="2%" align="left" valign="bottom"><strong><font size="2" face="sans-serif">%)</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="sans-serif">(11</font></strong></td>
    <td width="2%" align="left" valign="bottom"><strong><font size="2" face="sans-serif">%)</font></strong></td>
  </tr>
  <tr>
    <td width="46%" align="left" valign="bottom"><font size="2" face="sans-serif">Bottled</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">179.2</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">185.6</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">208.9</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">(3</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">%)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">(14</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">%)</font></td>
  </tr>
  <tr>
    <td width="46%" align="left" valign="bottom"><font size="2" face="sans-serif">Bulk</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">110.7</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">121.5</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">118.3</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">(9</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">%)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">(6</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">%)</font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="46%" align="left" valign="bottom"><em><font size="1" face="sans-serif">*Source:
      Sindig&aacute;s </font></em></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr bgcolor="#660099">
    <td width="46%" align="left" valign="middle"><strong><font color="#FFFFFF" size="2" face="sans-serif">Operating</font><font color="#FFFFFF" size="2" face="sans-serif">
      Performance<br>
      Oxiteno</font></strong></td>
    <td width="10%" align="center" valign="middle"><strong><font color="#FFFFFF" size="2" face="sans-serif">1Q03</font></strong></td>
    <td width="10%" align="center" valign="middle"><strong><font color="#FFFFFF" size="2" face="sans-serif">1Q02</font></strong></td>
    <td width="10%" align="center" valign="middle"><strong><font color="#FFFFFF" size="2" face="sans-serif">4Q02</font></strong></td>
    <td colspan="2" align="center" valign="middle"><strong><font color="#FFFFFF" size="2" face="sans-serif">&#916;
      (%)<br>
      1Q03x1Q02 </font></strong></td>
    <td colspan="2" align="center" valign="middle"><strong><font color="#FFFFFF" size="2" face="sans-serif">&#916;
      (%)<br>
      1Q03x4Q02 </font></strong></td>
  </tr>
  <tr>
    <td width="46%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="10%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="10%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="10%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="10%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="46%" align="left" valign="bottom"><strong><font size="2" face="sans-serif">Sales
      Volume (thousand tons)</font></strong></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><strong><font size="2" face="sans-serif">117.9</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="sans-serif">105.9</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="sans-serif">118.8</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="sans-serif">11</font></strong></td>
    <td width="2%" align="left" valign="bottom"><strong><font size="2" face="sans-serif">%</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="sans-serif">(1</font></strong></td>
    <td width="2%" align="left" valign="bottom"><strong><font size="2" face="sans-serif">%)</font></strong></td>
  </tr>
  <tr>
    <td width="46%" align="left" valign="bottom"><font size="2" face="sans-serif">Domestic</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">70.1</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">56.0</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">66.1</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">25</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">%</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">6</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">%</font></td>
  </tr>
  <tr>
    <td width="46%" align="left" valign="bottom"><font size="2" face="sans-serif">Exports</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">47.8</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">49.9</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">52.7</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">(4</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">%)</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">(9</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">%)</font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
</table>
<P align="center">
<FONT size=1 face="sans-serif">Page 2 of 18</FONT>
</P>
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<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="90%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong><em>1<sup>st
      </sup>Quarter 03</em></strong> </font>
      <hr align="center" width=100% size=1 noshade color="#000000">
</td>
    <td width="10%" align="left" valign="middle"><img src="ultra_logo2.jpg" width="46" height="47"></td>
  </tr>
</table>
<P>
<B><FONT size=2 face="sans-serif">Ultrapar and the macroeconomic environment </FONT></B>
</P>
<P>
<FONT size=2 face="sans-serif">The first quarter 2003 brought a number of positive economic signals, as the economic adjustment policies &#150; fiscal rigor, monetary austerity, flexible exchange rate and inflation targeting &#150; were maintained
by the incoming government.  The result has been a strengthening of the </FONT><I><FONT size=2 face="sans-serif">Real </FONT></I><FONT size=2 face="sans-serif">and a reduction in the country risk premium. On the other hand, the devaluation of the
Real in 2002 resulted in lower sales, lower industrial production and a decline in workers&#146; real wages. Internationally, the uncertainty caused by the Middle East conflict drove up the price of oil and oil products. The international dollar
price of LPG, the Mont Belvieu benchmark, increased 60% from 1Q02 to 1Q03 and 14% from 4Q02 to 1Q03. The average NWE benchmark price for naphtha increased 67% between 1Q02 and 1Q03, and 30% between 4Q02 and 1Q03.</FONT>
</P>
<P>
<B><FONT size=2 face="sans-serif">Operating Performance </FONT></B><FONT size=2 face="sans-serif"> </FONT>
</P>
<P>
<FONT size=2 face="sans-serif">Despite the uncertain and volatile environment, Ultrapar achieved a significant improvement in results, on a par with recent years, thanks, principally, to its balanced  portfolio of business.  Unlike early 2002, when
Oxiteno suffered from a shortage of raw materials and an unfavorable price environment, this year it was Ultragaz that faced difficulties. Successive increases in the ex-refinery price of LPG plus the loss of industrial segment sales volume to
natural gas in the second half of the year put pressure on the LPG market and affected Ultragaz&#146;s results negatively. Nevertheless, Ultragaz fared better than its competitors, thanks to its competitive advantages, customer focus, dedication to
cost reduction and its people.  On the other hand, Oxiteno, free from shortages and facing an improved price environment, reported record first quarter results.</FONT>
</P>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">Ultragaz.</FONT></U></B><B><FONT face="sans-serif"> </FONT></B><FONT size=2 face="sans-serif">In January 2002, the price dynamics in the Brazilian LPG market changed, and domestic LPG began to be
priced off international prices. This change, which made domestic prices vulnerable to international prices as well as to the effects of the </FONT><I><FONT size=2 face="sans-serif">Real </FONT></I><FONT size=2 face="sans-serif">devaluation, was
responsible for an average 80% increase in the price of the LPG purchased by Ultragaz and, for the first time, caused a significant reduction in Brazilian consumption of LPG. In addition, the conversion of certain industrial consumers to natural gas
during 2002 had an impact on sales volumes. Brazilian LPG consumption fell 10% in the first quarter 2003 compared to first quarter 2002. The drop in Ultragaz&#146;s sales volume was lesser, 6% compared to 1Q02.</FONT>
</P>
<div align=center>
<img src="may1203_x3x2.jpg">
</div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td colspan="2" valign="bottom">
<hr align="left" width=100% size=1 noshade color="#000000">
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%"><font size="1" face="sans-serif">*</font></td>
    <td width="95%"><FONT size=1 face="sans-serif">Starting this quarter, what
      used to be called the residential segment will now be called the bottled
      segment, and UltraSystem&#146;s sales and large bulk sales which we called
      the non-residential segment, will be referred to as bulk sales. These terminology
      better reflects the nature of Ultragaz&#146;s segments.</FONT></td>
  </tr>
</table>
<P align="center">
<FONT size=1 face="sans-serif">Page 3 of 18</FONT>
</P>
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<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="90%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong><em>1<sup>st
      </sup>Quarter 03</em></strong> </font>
      <hr align="center" width=100% size=1 noshade color="#000000">
</td>
    <td width="10%" align="left" valign="middle"><img src="ultra_logo2.jpg" width="46" height="47"></td>
  </tr>
</table>
<P>
<FONT size=2 face="sans-serif">Sales volume in the bottled segment, served mainly by 13 Kg cylinders, fell 3% over 1Q02. This segment is the most price-sensitive, since it covers a large part of Brazil&#146;s lower-income population. As previously
mentioned, in the bulk segment, comprising mainly industrial and commercial consumers, 1Q03 sales volume dropped 10.8 thousand tons compared to 1Q02, mainly the result of companies located along the Brazil-Bolivia gas pipeline that converted their
energy source to natural gas during 2002. The loss of this volume to natural gas is in line with the company&#146;s expectations and, to a large extent, is being countered by new UltraSystem installations.</FONT>
</P>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">Oxiteno.</FONT></U></B><B><FONT size=2 face="sans-serif"> </FONT></B><FONT size=2 face="sans-serif">Oxiteno is the sole producer of ethylene oxide and its main derivatives in the Southern Cone, as
well as a large producer of specialty chemicals. Oxiteno&#146;s products are used throughout many industrial sectors, including PET packaging, polyester, paints, cosmetics and detergents. </FONT>
</P>
<P>
<FONT size=2 face="sans-serif">Oxiteno&#146;s 1Q03 sales volume reached 117.9 thousand tons, 11% higher than in 1Q02. This was the result of readier availability of raw material, since in 1Q02 Braskem, ethylene supplier to the Cama&ccedil;ari plant,
shut down production in order to work on expanding capacity and reduced, in that quarter, the supply of ethylene to Oxiteno by 32%, adversely impacting sales volume. Sales volume to the domestic market was 70.1 thousand tons, 25% higher than the
56.0 thousand tons of 1Q02, driven primarily by sales to the PET/polyester and hydraulic fluid markets which substituted domestic for imported raw materials this quarter. Oxiteno continued to give priority to domestic demand, which explains much of
the 4% decline in exports from 49.9 thousand tons in 1Q02 to 47.8 thousand tons in 1Q03. Exports to Argentina showed clear signs of recovery and export volume to that country grew 206% over 1Q02.</FONT>
</P>
<P align="center"> <img src="may1203_x4x2.jpg"></P>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">Ultracargo.</FONT></U></B><B><FONT size=2 face="sans-serif"> </FONT></B><FONT size=2 face="sans-serif">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. </FONT><FONT size=2 face="sans-serif">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</FONT><FONT size=2
face="sans-serif">. Tequimar operates terminals in Aratu, Cama&ccedil;ari, Macei&oacute;, Paul&iacute;nia, Santos and Suape. </FONT><FONT size=2 face="sans-serif">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>
<FONT size=2 face="sans-serif">Transultra increased its fleet mileage by 67% in 1Q03. Its distinguishing features, based on stability, respect for the legislation and compliance with environmental and safety rules, make Transultra the exception in
the transport market and help it win new and important clients. At Tequimar, the occupancy rate of its tanks in 1Q03 was 94.3%, versus 90.9% in 1Q02, when it suffered the effects of Braskem&#146;s production shutdown.</FONT>
</P>
<P align="center">
<FONT size=1 face="sans-serif">Page 4 of 18 </FONT>
</P>
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<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="90%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong><em>1<sup>st
      </sup>Quarter 03</em></strong> </font>
      <hr align="center" width=100% size=1 noshade color="#000000">
</td>
    <td width="10%" align="left" valign="middle"><img src="ultra_logo2.jpg" width="46" height="47"></td>
  </tr>
</table>
<P> <B><FONT size=2 face="sans-serif">Financial Performance</FONT></B><FONT size=2 face="sans-serif">
  </FONT> </P>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">Net Revenues</FONT></U></B><B><FONT size=2 face="sans-serif"> &#150;</FONT></B><FONT size=2 face="sans-serif"> Ultrapar&#146;s net consolidated 1Q03 revenues amounted to R$934.2 million, which is
a 61% increase over 1Q02 and a 3% improvement over 4Q02.</FONT>
</P>
<P align="center"> <FONT size=2 face="sans-serif"> </FONT><B><FONT size=2 face="sans-serif">Net
  Sales Revenue (R$ million) </FONT></B> </P>
<P align="center"> <IMG src="may1203_x5x2.jpg" border=0> </P>
<P>
<B><FONT size=2 face="sans-serif">Ultragaz &#150;</FONT></B><FONT size=2 face="sans-serif">Net 1Q03 revenues at Ultragaz totaled R$568.9 million, an 46% increase over 1Q02. The increase reflects the increase in LPG costs during the year. Compared
with 4Q02, the increase was 3%.</FONT>
</P>
<P>
<B><FONT size=2 face="sans-serif">Oxiteno &#150;</FONT></B><FONT size=2 face="sans-serif"> Oxiteno&#146;s net 1Q03 revenues amounted to R$333.3 million, 97% higher than in 1Q02. The </FONT><I><FONT size=2 face="sans-serif">Real</FONT></I><FONT
size=2 face="sans-serif"> devaluation and a better sales mix, plus the recovery of glycol prices in the international market, resulted in a 77% improvement in average sales prices, comparing the two quarters. Net revenues were stable compared to
4Q02. </FONT><FONT size=2 face="sans-serif"> </FONT>
</P>
<P>
<B><FONT size=2 face="sans-serif">Ultracargo &#150; </FONT></B><FONT size=2 face="sans-serif">Net 1Q03 revenues were R$41.5 million, a 50% improvement on 1Q02, reflecting the conquest of new clients at Transultra and increased activity at
Tequimar.</FONT>
</P>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">Cost of Goods Sold.</FONT></U></B><B><FONT size=2 face="sans-serif"> </FONT></B><FONT size=2 face="sans-serif">Ultrapar&#146;s consolidated cost of goods sold in 1Q03 amounted to R$741.7 million,
66% higher than in 1Q02 and 9% above 4Q02. </FONT>
</P>
<P>
<B><FONT size=2 face="sans-serif">Ultragaz</FONT></B><FONT size=2 face="sans-serif"> &#150; The cost of goods sold in 1Q03 increased 59% over 1Q02, driven by an average 80% increase in Petrobras&#146;s ex-refinery LPG prices, caused by the
</FONT><FONT size=2 face="sans-serif">alignment process of domestic LPG prices with international prices.</FONT><FONT size=2 face="sans-serif"> The increase in Ultragaz&#146;s costs compared to 4Q02 was 6%.</FONT>
</P>
<P>
<B><FONT size=2 face="sans-serif">Oxiteno &#150; </FONT></B><FONT size=2 face="sans-serif">The 1Q03 cost of goods sold increased 83% over 1Q02, driven primarily by variable costs, reflecting the 77% increase in ethylene prices and the 11% increase
in sales volume from one quarter to the other. Compared to 4Q02, Oxiteno&#146;s costs grew by 17%, once again due to higher variable costs.</FONT>
</P>
<P>
<B><FONT size=2 face="sans-serif">Ultracargo</FONT></B><FONT size=2 face="sans-serif"> &#150; Ultracargo&#146;s 1Q03 cost of goods sold increased 56% compared with 1Q02, driven by increases in the cost of its main raw materials and inputs. Fuel
costs increased at Transultra and, at Tequimar, the increase was in energy costs and in the cost of nitrogen, used to clean the tanks.</FONT>
</P>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">Selling, general and administrative expenses </FONT></U></B><B><FONT size=2 face="serif">&#150; </FONT></B><FONT size=2 face="sans-serif">Ultrapar&#146;s consolidated 1Q03 selling, general and
administrative expenses totaled R$103.6 million, 30% above the R$79.4 million of 1Q02, though 13% below the R$118.8 million of 4Q02. </FONT>
</P>
<P>
<B><FONT size=2 face="sans-serif">Ultragaz</FONT></B><FONT size=2 face="sans-serif"> &#150; Ultragaz&#146;s 1Q03 selling, general and administrative expenses amounted to R$54.5 million, which is R$8.4 million above the R$46.1 million of 1Q02. One of
the reasons for the higher expenses</FONT>
</P>
<P align="center">
<FONT size=1 face="sans-serif">Page 5 of 18 </FONT>
</P>
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<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="90%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong><em>1<sup>st
      </sup>Quarter 03</em></strong> </font> <hr align="center" width=100% size=1 noshade color="#000000">
    </td>
    <td width="10%" align="left" valign="middle"><img src="ultra_logo2.jpg" width="46" height="47"></td>
  </tr>
</table>
<P> <FONT size=2 face="sans-serif">was depreciation of R$20.3 million for the
  quarter, compared to the R$17.9 million of 1Q02. Additionally, administrative
  and sales expenses increased R$3.2 million during the quarter, as the result
  of the implementation of projects directed
  to the optimization of commercial and administrative departments, pre-sale expenses
  prior to the inauguration of its new gas filling plant in Betim and an increase
  in salaries and bonuses. Compared with 4Q02, Ultragaz&#146;s selling, general
  and administrative expenses declined 17%, due to the R$8.3 million account for
  doubtful provision constituted in 4Q02 and the reduction in advertising, marketing
  and payroll expenses.</FONT> </P>
<P>
<B><FONT size=2 face="sans-serif">Oxiteno &#150; </FONT></B><FONT size=2 face="sans-serif">Oxiteno&#146;s 1Q03 selling, general and administrative expenses amounted to R$41.7 million, R$13.6 million above those of 1Q02. Sales expenses increased
R$8.8 million, mostly due to higher freight costs, compatible with the increase in sales volume, the higher fuel prices and the </FONT><I><FONT size=2 face="sans-serif">Real </FONT></I><FONT size=2 face="sans-serif">devaluation between the two
quarters. Administrative expenses increased R$4.6 million impacted by the cost of profit sharing and the collective wage agreements. Selling, general and administrative expenses were, however, 11% lower than in 4Q02, when the company faced
non-recurring consulting and legal expenses associated with the corporate restructuring.</FONT>
</P>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">EBITDA</FONT></U></B><FONT size=2 face="sans-serif"> &#150;Ultrapar&#146;s consolidated operating cash generation, as measured by EBITDA, reached R$122.0 million in the 1Q03, 48% more than in
1Q02. When compared to 4Q02, EBITDA for Ultrapar was 13% lower than the 4Q02, due to the seasonality of the businesses. </FONT>
</P>
<P>
<B><FONT size=2 face="sans-serif">Ultragaz &#150;</FONT></B><FONT size=2 face="sans-serif"> At Ultragaz, EBITDA reached R$36.0 million, equivalent to a R$12.5 reduction from 1Q02 and a R$2.9 million reduction from 4Q02.</FONT>
</P>
<P>
<B><FONT size=2 face="sans-serif">Oxiteno &#150;</FONT></B><FONT size=2 face="sans-serif"> Oxiteno&#146;s EBITDA was R$74.6 million, an R$48.9 million improvement over 1Q02, though R$18.2 million below 4Q02.</FONT>
</P>
<P>
<B><FONT size=2 face="sans-serif">Ultracargo &#150; </FONT></B><FONT size=2 face="sans-serif">Ultracargo generated EBITDA of R$10.0 million, 39% higher than 1Q02 and 43% higher than 4Q02.</FONT>
</P>
<P align="center"> <FONT size=2 face="sans-serif"> </FONT><B><FONT size=2 face="sans-serif">EBITDA
  (R$ million)</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B> </P>
<div align=center>
<img src="may1203_x6x2.jpg">
 </div>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">Financial Result</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif"> </FONT><FONT size=2 face="sans-serif">Ultrapar recorded
a net financial expense of R$12.3 million in 1Q03 against a net financial income of R$0.7 million in 1Q02.</FONT>
</P>
<P>
<FONT size=2 face="sans-serif">Ultrapar recorded a net financial expense of R$12.3 million in 1Q03 against a net financial income of R$0.7 million in 1Q02. The payment in December 2002 of R$208.0 million to Oxiteno`s shareholders that decided to
sell their shares due to the corporate restructuring reduced our cash position. In March 6, 2003, Ultrapar paid out R$45.0 million in dividends ending the quarter with a total cash position of R$621.8 million and total debt of R$642.1 million. The
Real&#146;s appreciation of 5.1% against the US dollar also negatively impacted our financial investments indexed to the US dollar.</FONT>
</P>
<P>
<FONT size=2 face="sans-serif">On March 31 2003, we had R$496.3 million invested in dollar-denominated instruments, while our dollar liabilities, including advances on FX contracts, totaled R$444.7 million.  Including external clients and</FONT>
</P>
<P align="center">
<FONT size=1 face="sans-serif">Page 6 of 18 </FONT>
</P>
<br>
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<br>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="90%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong><em>1<sup>st
      </sup>Quarter 03</em></strong> </font>
      <hr align="center" width=100% size=1 noshade color="#000000">
</td>
    <td width="10%" align="left" valign="middle"><img src="ultra_logo2.jpg" width="46" height="47"></td>
  </tr>
</table>
<P>
<FONT size=2 face="sans-serif">suppliers, our net quarter-end long dollar position was R$78.7 million, considering external cash and financial investments, currency hedges and export receivables on the asset side and hard currency debt and import
payables on the liability side.</FONT>
</P>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">Net Income &#150;</FONT></U></B><FONT size=2 face="serif"> </FONT><FONT size=2 face="sans-serif">Consolidated first quarter 2003 net income  reached R$60.0 million, compared with R$24.3 million in
1Q02. The improvement was the result of better operating profit and of the elimination of the minority participation in Oxiteno and Ultragaz Participa&ccedil;&otilde;es, since one of the consequences of the corporate restructuring in 2002 was that
Ultrapar became 100% owner of the total shareholders&#146; equity of Oxiteno and Ultragaz Participa&ccedil;&otilde;es. In comparison with 4Q02, net income presented a 44% reduction. In 4Q02 net income had been benefited by the reversion of the
minority participation for 3Q02.</FONT>
</P>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">Capital expenditures</FONT></U></B><B><FONT size=2 face="sans-serif"> &#150; </FONT></B><FONT size=2 face="sans-serif">Capital expenditures (Capex) totaled R$48.2 million in 1Q03, allocated as
follows:</FONT>
</P>
<UL>
<LI><FONT size=2 face="sans-serif">At Ultragaz, expenditures were concentrated on expanding the bulk segment (UltraSystem), replacing gas bottles and installing the Oracle system;</FONT><BR></LI>
<LI><FONT size=2 face="sans-serif">At Oxiteno, Capex focused on development of new products and installation of the Oracle system;</FONT><BR></LI>
<LI><FONT size=2 face="sans-serif">At Ultracargo, resources were invested in the expansion of the Aratu terminal and fleet expansion.</FONT><BR></LI>
</UL>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="3" align="left" valign="bottom"><hr align="left" width=100% size=2 noshade color="#000000">
    </td>
    <td width="70%" rowspan="9" align="center" valign="middle"><IMG src="may1203_x7x2.jpg" border=0></td>
  </tr>
  <tr>
    <td width="10%" align="left" valign="bottom"><strong><font size="1" face="sans-serif">1Q03
      Capex</font></strong></td>
    <td width="10%" align="center" valign="bottom"><strong><font size="1" face="sans-serif">R$
      MM</font></strong></td>
    <td width="10%" align="center" valign="bottom"><strong><font size="1" face="sans-serif">%
      of</font></strong></td>
  </tr>
  <tr>
    <td width="10%"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="10%"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="10%" align="center" valign="top"><font size="1" face="sans-serif"><strong>Total</strong></font></td>
  </tr>
  <tr>
    <td colspan="3" align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </td>
  </tr>
  <tr>
    <td width="10%" align="left" valign="bottom"><font size="1" face="sans-serif">Ultragaz</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="1" face="sans-serif">21.2</font></td>
    <td width="10%" align="right" valign="bottom"><font size="1" face="sans-serif">44%</font></td>
  </tr>
  <tr>
    <td width="10%" align="left" valign="bottom"><font size="1" face="sans-serif">Oxiteno</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="1" face="sans-serif">18.5</font></td>
    <td width="10%" align="right" valign="bottom"><font size="1" face="sans-serif">38%</font></td>
  </tr>
  <tr>
    <td width="10%" align="left" valign="bottom"><font size="1" face="sans-serif">Ultracargo</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="1" face="sans-serif">8.5</font></td>
    <td width="10%" align="right" valign="bottom"><font size="1" face="sans-serif">18%</font></td>
  </tr>
  <tr>
    <td width="10%" align="left" valign="bottom"><strong><font size="1" face="sans-serif">Ultrapar</font></strong></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><strong><font size="1" face="sans-serif">48.2</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="1" face="sans-serif">100%</font></strong></td>
  </tr>
  <tr>
    <td colspan="3" align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </td>
  </tr>
</table>
<P>
<B><FONT size=2 face="sans-serif">Ultrapar in the Capital Markets</FONT></B>
</P>
<P>
<FONT size=2 face="sans-serif">In the 1Q03, Ultrapar&#146;s shares showed a performance below the Ibovespa and IBX indexes, with an depreciation of 7%, while the Ibovepa and IBX indexes remained almost unchanged. </FONT>
</P>
<P align="center"> <B><FONT size=2 face="sans-serif">Ultrapar X Ibovespa X IBX<br>
  (Index 100 = 12/30/2002) </FONT></B> </P>
<P align="center"> <IMG src="may1203_x7x3.jpg" border=0> </P>
<P align="center">
<FONT size=1 face="sans-serif">Page 7 of 18</FONT>
</P>
<br>
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<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="90%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong><em>1<sup>st
      </sup>Quarter 03</em></strong> </font>
      <hr align="center" width=100% size=1 noshade color="#000000">
</td>
    <td width="10%" align="left" valign="middle"><img src="ultra_logo2.jpg" width="46" height="47"></td>
  </tr>
</table>
<P>
<B><FONT size=2 face="sans-serif">The Quarter&#146;s Highlights:</FONT></B>
</P>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">Share repurchase</FONT></U></B><B><FONT size=2 face="sans-serif"> &#150;</FONT></B><FONT size=2 face="sans-serif"> On March 27 2003, Ultrapar reassumed its share repurchase program. Under this
program, the company repurchased a total of 32,000,000 shares in April.</FONT>
</P>
<P align="center"> <IMG src="may1203_x8x2.jpg" border=0> </P>
<P>
<B><FONT size=2 face="sans-serif">Outlook </FONT></B><FONT size=2 face="sans-serif"> </FONT>
</P>
<P>
<FONT size=2 face="sans-serif">Ultrapar continues to look for growth opportunities that add value for shareholders and strengthen its market presence by growing the business, by improving performance and profitability or by technological improvement
of its products and processes, always consistent with long-range strategy. To achieve these aims, the company can count on its strong cash generation and solid financial structure.</FONT>
</P>
<P>
<FONT size=2 face="sans-serif">Oxiteno will seek to develop new products and technologies and open new markets through investments or through acquisitions, in Brazil or overseas. Ultragaz will continue to strengthen its market position by further
strategic investments in UltraSystem and expansion of its activities through acquisitions in the LPG sector. Ultracargo will continue to expand its activities by seizing opportunities arising from the logistical infrastructure and deregulation of
the oil and oil products market in Brazil. The installation of Oracle integrated system in all of Ultrapar&#146;s business divisions will help enhance the group&#146;s activities and the quality of the services it offers.</FONT>
</P>
<P>
<B><FONT size=2 face="sans-serif">Forthcoming Events </FONT></B><FONT size=2 face="sans-serif"> </FONT>
</P>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">Results Release:</FONT></U></B><B><FONT size=2 face="sans-serif"> </FONT></B>
</P>
<P>
<FONT size=2 face="sans-serif">On May 09, 2003, Ultrapar will host a conference call with investors to discuss the company&#146;s first quarter 2003 performance and the outlook for 2003. </FONT>
</P>
<P> <B><FONT size=2 face="sans-serif">Conference Call in Portuguese:</FONT></B><FONT size=2 face="sans-serif">
  <B>11:00 a.m. (Brasilia time) <br>
  </B>Dial-in to pre-registering: <B>55 11 4613-0512</B> <br>
  Website to pre-register: www.ccall.com.br/thomson <br>
  </FONT><FONT size=2 face="sans-serif">Password for participants: </FONT><B><FONT size=2 face="sans-serif">382</FONT></B><FONT size=2 face="sans-serif">+
  registration number to be provided at pre-registration (PIN)<br>
  Please call 5 minutes prior to the conference call time on </FONT><B><FONT size=2 face="sans-serif">55
  11 4613-0500</FONT></B><FONT size=2 face="sans-serif"> with your password. </FONT>
</P>
<P> <B><FONT size=2 face="sans-serif">Conference Call in English: 11:00 a.m. (New
  York time) <br>
  </FONT></B><FONT size=2 face="sans-serif">Dial-in to pre-register: <br>
  </FONT><FONT size=2 face="sans-serif">Calling from Brazil: </FONT><B><FONT size=2 face="sans-serif">11
  4613-0512</FONT></B> </P>
<P align="center">
<FONT size=1 face="sans-serif">Page 8 of 18 </FONT>
</P>
<br>
<br>
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<br>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="90%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong><em>1<sup>st
      </sup>Quarter 03</em></strong> </font>
      <hr align="center" width=100% size=1 noshade color="#000000">
</td>
    <td width="10%" align="left" valign="middle"><img src="ultra_logo2.jpg" width="46" height="47"></td>
  </tr>
</table>

<P> <FONT size=2 face="sans-serif">Calling from abroad: </FONT><B><FONT size=2 face="sans-serif">55
  11 4613-0513</FONT></B><br>
  <FONT size=2 face="sans-serif">Website: <B>www.ccall.com.br/thomson</B> (Click
  on version in English)<br>
  Participant Password:<B> 793</B> <br>
  <B>Connecting Telephones:</B> <b><br>
  </b>Calling from Brazil: <B>11 4613-0503 <br>
  </B></FONT><FONT size=2 face="sans-serif">Calling from the USA: </FONT><B><FONT size=2 face="sans-serif">1-703-788-1236</FONT></B><FONT size=2 face="sans-serif">
  or </FONT><B><FONT size=2 face="sans-serif">1-866-812-0442</FONT></B><FONT size=2
face="sans-serif"> </FONT><B><FONT size=2 face="sans-serif">(toll free)</FONT></B>
  <font size="2" face="sans-serif"><br>
  </font><FONT size=2 face="sans-serif">Participant Password:</FONT><B><FONT size=2 face="sans-serif">
  793 </FONT></B><FONT size=2 face="sans-serif">+ Personal Identification Number
  (PIN) </FONT> </P>
<P>
<FONT size=2 face="sans-serif">Following the conference calls, replays will be made available until May 19, 2003 at the following numbers:</FONT>
</P>
<P> <B><FONT size=2 face="sans-serif">Conference Call in Portuguese: <br>
  </FONT></B><FONT size=2 face="sans-serif">Telephone: </FONT><B><FONT size=2 face="sans-serif">55
  11 4613-0501</FONT></B><FONT size=2 face="sans-serif"> (Password 382) </FONT>
</P>
<P> <B><FONT size=2 face="sans-serif">Conference Call in English <br>
  </FONT></B><FONT size=2 face="sans-serif">For participants calling from Brazil:
  <B>11 4613-0502</B> (password 793) <br>
  </FONT><FONT size=2 face="sans-serif">For participants calling from the USA:
  </FONT><B><FONT size=2 face="sans-serif">1-703-788-1236</FONT></B><FONT size=2 face="sans-serif">
  or </FONT><B><FONT size=2 face="sans-serif">1-866-812-0442</FONT></B><FONT size=2
face="sans-serif"> (Password 793) </FONT> </P>
<P>
<FONT size=2 face="sans-serif">All financial information has been prepared in accordance with Brazilian corporate law accounting. All figures are given in Brazilian Reais, except on page 16 where they were converted into U.S. dollars, based on the
average commercial exchange rate for the corresponding periods.</FONT>
</P>
<P> <B><FONT size=1 face="sans-serif">For further information please contact:
  <br>
  </FONT></B><FONT size=1 face="sans-serif">Investor Relations Department <br>
  Ultrapar Participa&ccedil;&otilde;es S.A <br>
  </FONT><FONT size=1 face="sans-serif">(55 11) 3177-6513 <br>
  fbrasil@ultra.com.br<br>
  </FONT><U><FONT color="#0000ff" size=2 face="serif">www.ultra.com.br</FONT></U><FONT size=2 face="sans-serif">
  </FONT> </P>
<P align="center">
<FONT size=1 face="sans-serif">Page 9 of 18</FONT>
</P>
<br>
<br>
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<br>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="90%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong><em>1<sup>st
      </sup>Quarter 03</em></strong> </font>
      <hr align="center" width=100% size=1 noshade color="#000000">
</td>
    <td width="10%" align="left" valign="middle"><img src="ultra_logo2.jpg" width="46" height="47"></td>
  </tr>
</table>
<br>
<p><font size="2" face="sans-serif"><strong>Relevant Market Information</strong></font></p>

<table width="90%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </td>
    <td colspan="3" align="right" valign="bottom"><hr align="left" width=100% size=2 noshade color="#000000">
    </td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><strong><font size="2" face="sans-serif">Focus
      on Finance</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="sans-serif">1Q03</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="sans-serif">1Q02</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="sans-serif">4Q02</font></strong></td>
  </tr>
  <tr>
    <td align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </td>
    <td colspan="3" align="right" valign="bottom"><hr align="left" width=100% size=2 noshade color="#000000">
    </td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><font size="2" face="sans-serif">EBITDA
      margin Ultrapar</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">13%</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">14%</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">15%</font></td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><font size="2" face="sans-serif">Net
      income margin Ultrapar</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">6.4%</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">4.2%</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">12%</font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="4" align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><strong><font size="2" face="sans-serif">Focus
      on Productivity</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="sans-serif">1Q03</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="sans-serif">1Q02</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="sans-serif">4Q02</font></strong></td>
  </tr>
  <tr>
    <td colspan="4" align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><font size="2" face="sans-serif">EBITDA
      R$/ton Ultragaz</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">125</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">158</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">119</font></td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><font size="2" face="sans-serif">EBITDA
      R$/ton Oxiteno</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">633</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">244</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">780</font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="4" align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><strong><font size="2" face="sans-serif">Focus
      on Human Resources</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="sans-serif">1Q03</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="sans-serif">1Q02</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="sans-serif">4Q02</font></strong></td>
  </tr>
  <tr>
    <td colspan="4" align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><font size="2" face="sans-serif">Number
      of employees Ultrapar</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">5,914</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">5,729</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">5,876</font></td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><font size="2" face="sans-serif">Number
      of employees Ultragaz</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">4,044</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">4,035</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">4,032</font></td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><font size="2" face="sans-serif">Number
      of employees Oxiteno</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">927</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">901</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">912</font></td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><font size="2" face="sans-serif">Number
      of employees Ultracargo</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">759</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">622</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">743</font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="4" align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><strong><font size="2" face="sans-serif">Focus
      on Capital Markets</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="sans-serif">1Q03</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="sans-serif">1Q02</font></strong></td>
    <td width="10%" align="right" valign="bottom"><strong><font size="2" face="sans-serif">4Q02</font></strong></td>
  </tr>
  <tr>
    <td colspan="4" align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><font size="2" face="sans-serif">N&deg;
      of shares (MM)</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">69,691</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">53,000</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">69,691</font></td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><font size="2" face="sans-serif">Market
      Capitalization &#150; R$ million</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">1,553</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">1,166</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">1,735</font></td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><font size="2" face="sans-serif">Av.
      daily trading volume BOVESPA &#150; th. shares</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">19,389</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">29,383</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">37,709</font></td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><font size="2" face="sans-serif">Av.
      daily trading volume BOVESPA&#150; R$ th.</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">459</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">601</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">862</font></td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><font size="2" face="sans-serif">Av.
      BOVESPA price &#150; R$ / th. shares</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">23.66</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">20.47</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">22.87</font></td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><font size="2" face="sans-serif">N&deg;.
      of ADRs<sup>1</sup> on the NYSE (th. ADRs)</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">4,191</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">4,685</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">4,112</font></td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><font size="2" face="sans-serif">Av.
      daily trading volume NYSE &#150; ADRs</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">10,607</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">17,589</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">10,855</font></td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><font size="2" face="sans-serif">Av.
      daily trading volume NYSE&#150; US$ th.</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">72</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">150</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">70</font></td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><font size="2" face="sans-serif">Av.
      NYSE price &#150; US$ / ADRs</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">6.79</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">8.50</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">6.47</font></td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><font size="2" face="sans-serif">Av.
      total<sup>2</sup> daily trading volume &#150; th. shares</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">29,126</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">46,971</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">48,564</font></td>
  </tr>
  <tr>
    <td width="60%" align="left" valign="bottom"><font size="2" face="sans-serif">Av.
      total<sup>2</sup> daily financial volume&#150; R$ th.</font></td>
    <td width="10%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="sans-serif">690</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">960</font></td>
    <td width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">1,124</font></td>
  </tr>
</table>
<P> <I><FONT size=1 face="sans-serif"> 1 ADR = 1.000 preferred shares<br>
  </FONT></I><SUP><FONT size=1 face="sans-serif">2</FONT></SUP><I><FONT size=1 face="sans-serif">
  Total = BOVESPA + NYSE </FONT></I> </P>
<P align="center">
<FONT size=1 face="sans-serif">Page 10 of 18</FONT>
</P>
<br>
<br>
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<hr size=2 color=GRAY noshade>
<br>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="90%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong><em>1<sup>st
      </sup>Quarter 03</em></strong> </font>
      <hr align="center" width=100% size=1 noshade color="#000000">
</td>
    <td width="10%" align="left" valign="middle"><img src="ultra_logo2.jpg" width="46" height="47"></td>
  </tr>
</table>

<P align="center"> <B><FONT size=2 face="sans-serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES
  S/A <br>
  CONSOLIDATED BALANCE SHEET <br>
  In millions of reais - Corporate law</FONT></B> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD width="40%" colspan=5 align="center" valign="bottom"><B><FONT size=2 face="sans-serif">QUARTERS
      ENDED IN</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD colspan=5 align="center" valign="bottom">
      <HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">DEC</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2003</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">ASSETS</FONT></B></TD>
   <TD align="center" width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Cash
      and marketable securities</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">621.8</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">608.5</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">637.9</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Trade
      accounts receivable</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">321.1</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">183.6</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">271.7</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Inventories</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">123.6</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">81.7</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">106.2</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Other</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">160.8</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">136.5</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">171.0</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Total
      Current Assets</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1,227.3</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1,010.3</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1,186.8</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Investments</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">32.5</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">89.4</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">33.0</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Property,
      plant and equipment</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">791.2</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">705.1</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">779.5</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Deferred
      charges</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">83.6</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">72.6</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">81.1</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Other
      long term assets</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">52.6</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">46.7</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">47.4</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Total
      Long Term Assets</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">959.9</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">913.8</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">941.0</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">TOTAL ASSETS</FONT></B></TD>
    <TD width="12%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">2,187.2</FONT></B></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">1,924.1</FONT></B></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">2,127.8</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">LIABILITIES
      AND STOCKHOLDERS' EQUITY</FONT></B></TD>
    <TD width="12%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Loans</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">291.2</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">101.6</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">219.8</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Suppliers</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">102.6</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">78.2</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">104.4</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Salaries
      and related contributions</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">46.9</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">41.4</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">64.4</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Taxes</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">14.7</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">12.3</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">11.9</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Other
      accounts payable</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">22.9</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">29.3</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">67.7</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Total
      Current Liabilities</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">478.3</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">262.8</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">468.2</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Loans</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">350.9</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">281.1</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">363.6</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Deferred
      income tax</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">35.2</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">24.1</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">34.8</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Other
      long term liabilities</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">40.7</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">78.1</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">39.2</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Total
      Long Term Liabilities</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">426.8</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">383.3</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">437.6</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">TOTAL LIABILITIES</FONT></B></TD>
    <TD width="12%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">905.1</FONT></B></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">646.1</FONT></B></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">905.8</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">STOCKHOLDERS'
      EQUITY</FONT></B></TD>
    <TD width="12%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Capital</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">664.0</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">433.9</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">664.0</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Revalution
      reserve</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">25.6</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">25.4</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">26.0</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Revenue
      reserves</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">501.1</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">340.2</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">501.1</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Retained
      earnings</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">60.4</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">24.8</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom">-</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Total
      Stockholders' Equity</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1,251.1</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">824.3</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1,191.1</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Minority
      Interests</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">31.0</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">453.7</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">30.9</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">TOTAL STOCKHOLDERS'
      EQUITY &amp; M.I.</FONT></B></TD>
    <TD width="12%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">1,282.1</FONT></B></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">1,278.0</FONT></B></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">1,222.0</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">TOTAL LIAB.
      AND STOCKHOLDERS' EQUITY</FONT></B></TD>
    <TD width="12%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">2,187.2</FONT></B></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">1,924.1</FONT></B></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">2,127.8</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Cash</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">621.8</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">608.5</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">637.9</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Debt</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">642.1</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">382.7</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">583.4</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Net
      cash (debt)</FONT></TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(20.3)</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">225.8</FONT></TD>
    <TD width="3%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="12%" align="right" valign="bottom"><FONT size=2 face="sans-serif">54.5</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
</TABLE>
<p align="center"><font size="1" face="sans-serif">Page 11 of 18</font></p>
<br>
<br>
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<hr size=2 color=GRAY noshade>
<br>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="90%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong><em>1<sup>st
      </sup>Quarter 03</em></strong> </font>
      <hr align="center" width=100% size=1 noshade color="#000000">
</td>
    <td width="10%" align="left" valign="middle"><img src="ultra_logo2.jpg" width="46" height="47"></td>
  </tr>
</table>
<P align="center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">ULTRAPAR
  PARTICIPA&Ccedil;&Otilde;ES S/A <br>
  CONSOLIDATED STATEMENT OF INCOME</FONT></B><br>
  <B><FONT size=2 face="sans-serif">In millions of reais (except per share data)
  - Corporate law</FONT></B> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
   <TD align="center" colspan=5 width="29%"><B><FONT size=2 face="sans-serif">QUARTERS ENDED IN</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=3 width="19%"><B><FONT size=2 face="sans-serif">ACCUMULATED</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
   <TD colspan=5><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
   <TD align="center" width="9%"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="9%"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="9%"><B><FONT size=2 face="sans-serif">DEC</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="9%"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="9%"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
   <TD align="center" width="9%"><B><FONT size=2 face="sans-serif">2003</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="9%"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="9%"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="9%"><B><FONT size=2 face="sans-serif">2003</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="9%"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">Net sales</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">934.2</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">579.6</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">907.5</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">934.2</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">579.6</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Cost
      of goods sold</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(741.7</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">)</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(447.0</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">)</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(678.3</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">)</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(741.7</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">)</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(447.0</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">)</font></TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">Gross profit</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">192.5</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">132.6</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">229.2</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">192.5</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">132.6</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Operating
      expenses</FONT></TD>
    <TD width="9%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Selling</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(36.8</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">)</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(24.7</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(45.8</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(36.8</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(24.7</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">General
      and administrative</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(45.1</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">)</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(35.7</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(52.1</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(45.1</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(35.7</FONT></TD> <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Depreciation
      and amortization</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(21.7</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">)</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(19.0</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(20.9</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(21.7</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(19.0</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Other
      operating results</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.7</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.8</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(2.0</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.7</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.8</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">Income before
      equity and financial</FONT></TD>
    <TD width="9%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">results</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">89.6</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">54.0</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">108.4</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">89.6</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">54.0</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Financial
      results</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(12.3</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.7</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(7.2</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(12.3</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.7</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Equity
      in earnings (losses) of affiliates</FONT></TD>
    <TD width="9%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Affiliates</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(0.4</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.1</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(1.2</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(0.4</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.1</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Benefit
      of tax holidays</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">12.9</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">6.2</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">14.9</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">12.9</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">6.2</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Non-operating
      income (expense)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(0.9</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(1.4</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.5</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(0.9</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(1.4</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">Income before
      taxes</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">88.9</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">60.6</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">115.4</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">88.9</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">60.6</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Social
      contribution and income tax</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(28.9</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">)</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(22.3</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">)</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(32.0</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(28.9</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(22.3</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">Income before
      minority interest</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">60.0</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">38.3</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">83.4</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">60.0</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">38.3</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Minority
      interest</FONT></TD>
    <TD width="9%" align="right" valign="bottom">-</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(14.0</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">)</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">24.4</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">-</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(14.0</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">Net Income</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">60.0</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">24.3</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">107.8</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">60.0</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">24.3</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">EBITDA</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">122.0</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">82.5</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">139.9</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">122.0</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">82.5</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">Depreciation
      and amortization</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">32.4</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">28.5</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">31.5</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">32.4</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">28.5</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">Investments</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">48.2</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">29.3</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">278.5</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">48.2</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">29.3</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">RATIOS</FONT></TD>
    <TD width="9%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">Earnings /
      1000 shares</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.86</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.46</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.55</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.86</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.46</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Net
      debt / Stockholders&#146; equity</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.02</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">Na</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">Na</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">-</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">-</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Net
      debt / LTM EBITDA</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.04</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">Na</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">Na</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">-</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom">-</TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Net
      interest expense / EBITDA</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.10</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">Na</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.05</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.10</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">Na</FONT></TD>
    <TD width="2%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Operating
      margin</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">10</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">9</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">12</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">10</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">9</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">EBITDA
      margin</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">13</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">14</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">15</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">13</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">14</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
</TR>
</TABLE>
<p align="center"><FONT size=1 face="sans-serif">Page 12 of 18</FONT></p>
<br>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=2 color=GRAY noshade>
<br>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="90%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong><em>1<sup>st
      </sup>Quarter 03</em></strong> </font>
      <hr align="center" width=100% size=1 noshade color="#000000">
</td>
    <td width="10%" align="left" valign="middle"><img src="ultra_logo2.jpg" width="46" height="47"></td>
  </tr>
</table>
<P align="center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">ULTRAPAR
  PARTICIPA&Ccedil;&Otilde;ES S/A <br>
  CONSOLIDATED CASH FLOW STATEMENT</FONT></B> <br>
  <B><FONT size=2 face="sans-serif">In millions of reais - corporate law</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" width="8%"><B><FONT size=2 face="sans-serif">2003</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="8%"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">Cash Flows
      from operating activities</FONT></B></TD>
    <TD width="8%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">5.0</FONT></B></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">45.9</FONT></B></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Net
      income</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">60.0</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">24.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Minority
      interest</FONT></TD>
    <TD width="8%" align="right" valign="bottom">-</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">14.0</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Depreciation
      and amortization</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">32.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">28.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Working
      capital</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(68.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(24.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Financial
      expenses </FONT><FONT size=1 face="sans-serif">(A)</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(15.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">4.7</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Other</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(3.0</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(1.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">Cash Flows
      from investing activities</FONT></B></TD>
    <TD width="8%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">(47.5</FONT></B></TD>
    <TD width="3%" align="left" valign="bottom"><b><font size=2 face="sans-serif">)</font></b></TD>
    <TD width="8%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">(28.3</FONT></B></TD>
    <TD width="3%" align="left" valign="bottom"><b><font size=2 face="sans-serif">)</font></b></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Additions
      to property, plant, equipment and deferred charges</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(48.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(29.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Disposals
      of permanent assets</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.7</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Acquisition
      of minority interests (including treasury shares)</FONT></TD>
    <TD width="8%" align="right" valign="bottom">-</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">-</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Dividends
      received from affiliates</FONT></TD>
    <TD width="8%" align="right" valign="bottom">-</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Other</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(0.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(0.1</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">Cash Flows
      from financing activities</FONT></B></TD>
    <TD width="8%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">26.4</FONT></B></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">(65.1</FONT></B></TD>
    <TD width="3%" align="left" valign="bottom"><b><font size=2 face="sans-serif">)</font></b></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Short
      term debt, net</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">83.7</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(25.0</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Issuances</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">17.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">4.8</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Debt
      payments</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(29.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(20.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Related
      companies</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(0.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(1.1</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Dividends
      paid </FONT><FONT size=1 face="sans-serif">(B)</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(45.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(23.1</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Other</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(0.1</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">Net increase
      (decrease) in cash and cash equivalents</FONT></B></TD>
    <TD width="8%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">(16.1</FONT></B></TD>
    <TD width="3%" align="left" valign="bottom"><b><font size=2 face="sans-serif">)</font></b></TD>
    <TD width="8%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">(47.5</FONT></B></TD>
    <TD width="3%" align="left" valign="bottom"><b><font size=2 face="sans-serif">)</font></b></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">Cash and
      cash equivalents at the beginning of the period</FONT></B></TD>
    <TD width="8%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">637.9</FONT></B></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">656.0</FONT></B></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"> <HR noshade size=1></TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"> <HR noshade size=1></TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">Cash and
      cash equivalents at the end of the period</FONT></B></TD>
    <TD width="8%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">621.8</FONT></B></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">608.5</FONT></B></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"> <HR noshade size=2></TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"> <HR noshade size=2></TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">Supplemental
      disclosure of cash flow information</FONT></B></TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Cash
      paid for interest </FONT><FONT size=1 face="sans-serif">(C)</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">6.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">5.0</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Cash
      paid for taxes on income </FONT><FONT size=1 face="sans-serif">(C)</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">6.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">5.1</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Supplier
      financing of acquisition of property, plant and equipment</FONT></TD>
    <TD width="8%" align="right" valign="bottom">-</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">2.8</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
</TABLE>
<br>

<TABLE>
  <TR align="left" valign="top">
    <TD width="5%"><FONT size=1 face="sans-serif">(A)</FONT></TD>
    <TD><FONT size=1 face="sans-serif">Not including financial income. Comprised
      basically of financial expenses, in particular, exchange variations.</FONT></TD>
</TR>
  <TR align="left" valign="top">
    <TD width="5%"><FONT size=1 face="sans-serif">(B)</FONT></TD>
    <TD><FONT size=1 face="sans-serif">Including dividends paid by Ultrapar and
      its subsidiaries.</FONT></TD>
</TR>
  <TR align="left" valign="top">
    <TD width="5%"><FONT size=1 face="sans-serif">(C)</FONT></TD>
    <TD><FONT size=1 face="sans-serif">Included in cash flow from operating activities.</FONT></TD>
</TR>
  <TR align="left" valign="top">
    <TD width="5%"><FONT size=1 face="sans-serif">(D)</FONT></TD>
    <td><FONT size=1 face="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=1 face="sans-serif">Page 13 of 18</FONT>
</P>
<br>
<br>
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<hr size=2 color=GRAY noshade>
<br>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="90%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong><em>1<sup>st
      </sup>Quarter 03</em></strong> </font>
      <hr align="center" width=100% size=1 noshade color="#000000">
</td>
    <td width="10%" align="left" valign="middle"><img src="ultra_logo2.jpg" width="46" height="47"></td>
  </tr>
</table>
<p align="center">&nbsp;<FONT size=2 face="sans-serif"><strong>ULTRAGAZ PARTICIPA&Ccedil;&Otilde;ES
  S/A <br>
  CONSOLIDATED BALANCE SHEET<br>
  In millions of reais - Corporate law</strong></FONT> </p>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD align="center">&nbsp;</TD>
    <TD align="center" colspan=5 width="34%"><B><FONT size=2 face="sans-serif">QUARTERS
      ENDED IN</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=5><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">&nbsp;</TD>
    <TD align="center" width="10%"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="center" width="10%"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="center" width="10%"><B><FONT size=2 face="sans-serif">DEC</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">&nbsp;</TD>
    <TD align="center" width="10%"><B><FONT size=2 face="sans-serif">2003</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="center" width="10%"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="center" width="10%"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">OPERATING
      ASSETS</FONT></B></TD>
    <TD width="10%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Trade
      accounts receivable</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">155.6</FONT></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">105.0</FONT></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">138.9</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Inventories</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">25.3</FONT></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">13.8</FONT></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">13.1</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Other</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">75.5</FONT></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">59.3</FONT></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">70.7</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Property,
      plant &amp; equipment</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">365.3</FONT></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">329.0</FONT></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">365.4</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Deferred
      charges</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">76.3</FONT></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">71.0</FONT></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">76.5</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">TOTAL OPERATING
      ASSETS</FONT></B></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">698.0</FONT></B></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">578.1</FONT></B></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">664.6</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">OPERATING
      LIABILITIES</FONT></B></TD>
    <TD width="10%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Suppliers</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">26.6</FONT></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">62.8</FONT></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">45.5</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Salaries
      and related contributions</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">23.7</FONT></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">21.7</FONT></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">27.7</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Taxes</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.5</FONT></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.2</FONT></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.6</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Other
      accounts payable</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">3.5</FONT></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.7</FONT></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">2.3</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">TOTAL OPERATING
      LIABILITIES</FONT></B></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">55.3</FONT></B></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">87.4</FONT></B></TD>
    <TD width="4%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">77.1</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P align="center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">ULTRAGAZ
  PARTICIPA&Ccedil;&Otilde;ES S/A <br>
  CONSOLIDATED STATEMENT OF INCOME</FONT></B> <br>
  <B><FONT size=2 face="sans-serif">In millions of reais - Corporate law</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD width="34%" colspan=5 align="center" valign="bottom"><B><FONT size=2 face="sans-serif">QUARTERS
      ENDED IN</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="22%" colspan=3 align="center" valign="bottom"><B><FONT size=2 face="sans-serif">ACCUMULATED</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD colspan=5 align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD colspan=3 align="center" valign="bottom">
      <HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">DEC</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2003</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2003</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">Net sales</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">568.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">390.7</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">554.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">568.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">390.7</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Cost
      of goods sold</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(499.0</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(314.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(470.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(499.0</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(314.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">Gross profit</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">69.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">76.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">84.1</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">69.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">76.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Operating
      expenses</FONT></TD>
    <TD width="10%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Selling</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(17.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(14.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(27.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(17.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(14.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">General
      and administrative</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(16.8</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(14.0</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(18.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(16.8</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(14.0</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Depreciation
      and amortization</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(20.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(17.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(19.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(20.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(17.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Other
      operating results</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">EBIT</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">15.7</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">30.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">19.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">15.7</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">30.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">EBITDA</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">36.0</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">48.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">38.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">36.0</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">48.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">Depreciation
      and amortization</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">20.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">17.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">19.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">20.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">17.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">RATIOS</FONT></B></TD>
    <TD width="10%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">Operating
      margin</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">8</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">8</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
</TR>
<TR>
    <TD align="left" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">EBITDA
      margin</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">6</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">12</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">7</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">6</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">12</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
</TR>
</TABLE>
<P align="center">
<FONT size=1 face="sans-serif">Page 14 of 18</FONT>
</P>
<br>
<br>
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<br>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="90%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong><em>1<sup>st
      </sup>Quarter 03</em></strong> </font> </td>
    <td width="10%" align="left" valign="middle"><img src="ultra_logo2.jpg" width="46" height="47"></td>
  </tr>
</table>
<P align="center"> <B><FONT size=2 face="sans-serif">OXITENO S/A - IND&Uacute;STRIA
  E COM&Eacute;RCIO</FONT></B> <br>
  <font size="2"><B><FONT face="sans-serif">CONSOLIDATED BALANCE SHEET <br>
  In millions of reais - Corporate law</FONT></B> </font></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="34%" colspan=5 align="center" valign="bottom"><B><FONT size=2 face="sans-serif">QUARTERS
      ENDED IN</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD colspan=5 align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="4%" align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="4%" align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">DEC</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2003</FONT></B></TD>
    <TD width="4%" align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
    <TD width="4%" align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">OPERATING
      ASSETS</FONT></B></TD>
    <TD align="center" width="10%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" width="10%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" width="10%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;Trade
      accounts receivable</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">148.0</FONT></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">69.0</FONT></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">117.3</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;Inventories</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">96.7</FONT></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">66.6</FONT></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">91.6</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;Other</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">18.0</FONT></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">23.0</FONT></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">28.4</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;Property,
      plant &amp; equipment</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">323.1</FONT></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">301.5</FONT></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">315.8</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;Deferred
      charges</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">8.2</FONT></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">3.9</FONT></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">5.8</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">TOTAL OPERATING
      ASSETS</FONT></B></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">594.0</FONT></B></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">464.0</FONT></B></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">558.9</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">OPERATING
      LIABILITIES</FONT></B></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;Suppliers</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">68.0</FONT></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">12.4</FONT></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">55.2</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;Salaries
      and related contributions</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">17.4</FONT></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">15.1</FONT></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">30.6</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;Taxes</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">6.3</FONT></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">2.9</FONT></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">4.9</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;Other
      accounts payable</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">15.8</FONT></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">17.1</FONT></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">16.2</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom">
      <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">TOTAL OPERATING
      LIABILITIES</FONT></B></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">107.5</FONT></B></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">47.5</FONT></B></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">106.9</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P align="center"> <B><FONT size=2 face="sans-serif">OXITENO S/A - IND&Uacute;STRIA
  E COM&Eacute;RCIO <br>
  CONSOLIDATED STATEMENT OF INCOME</FONT></B> <font size="2" face="sans-serif"><br>
  <B>In millions of reais - Corporate law</B></font> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="34%" colspan=5 align="center" valign="bottom"><B><FONT size=2 face="sans-serif">QUARTERS
      ENDED IN</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="21%" colspan=3 align="center" valign="bottom"><B><FONT size=2 face="sans-serif">ACCUMULATED</FONT></B></TD>
    <TD width="3%"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD colspan=5 align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD colspan=3 align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">DEC</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="3%"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2003</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2003</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
    <TD width="3%"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">Net sales</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">333.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">169.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">323.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">333.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">169.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost
      of goods sold</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(197.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(98.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(172.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(197.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(98.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(21.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(18.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(12.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(21.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(18.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
      and amortization</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(7.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(7.1</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(7.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(7.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(7.1</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">Gross profit</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">107.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">45.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">131.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">107.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">45.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
      expenses</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(19.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(10.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(18.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(19.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(10.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
      and administrative</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(21.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(16.8</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(27.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(21.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(16.8</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
      and amortization</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(0.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(0.8</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(0.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(0.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(0.8</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
      operating results</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.1</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">EBIT</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">66.1</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">17.8</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">84.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">66.1</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">17.8</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">EBITDA</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">74.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">25.7</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">92.8</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">74.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">25.7</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">Depreciation
      and amortization</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">8.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">7.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">8.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">8.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">7.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">RATIOS</FONT></B></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;Operating
      margin</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">20</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">%</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">11</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">26</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">20</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">11</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;EBITDA
      margin</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">22</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">15</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">29</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">22</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">15</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
  </TR>
</TABLE>
<P align="center">
<FONT size=1 face="sans-serif">Page 15 of 18</FONT>
</P>
<br>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=2 color=GRAY noshade>
<br>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="90%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong><em>1<sup>st
      </sup>Quarter 03</em></strong> </font>
      <hr align="center" width=100% size=1 noshade color="#000000">
</td>
    <td width="10%" align="left" valign="middle"><img src="ultra_logo2.jpg" width="46" height="47"></td>
  </tr>
</table>
<P align="center"> <B><FONT size=2 face="sans-serif">ULTRACARGO PARTICIPA&Ccedil;&Otilde;ES
  LTDA.</FONT></B><font size="2"><br>
  <B><FONT face="sans-serif">CONSOLIDATED BALANCE SHEET <br>
  In millions of reais - Corporate law</FONT></B> <b><font face="sans-serif">
  </font></b></font></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="33%" colspan=5 align="center" valign="bottom"><B><FONT size=2 face="sans-serif">QUARTERS
      ENDED IN</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD colspan=5 align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="4%" align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="4%" align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">DEC</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2003</FONT></B></TD>
    <TD width="4%" align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
    <TD width="4%" align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD align="center" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" valign="bottom">
      <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">OPERATING
      ASSETS</FONT></B></TD>
    <TD align="center" width="10%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" width="8%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="4%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" width="10%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;Trade
      accounts receivable</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">19.3</FONT></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">10.9</FONT></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">17.4</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;Inventories</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.6</FONT></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.3</FONT></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.5</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;Other</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.5</FONT></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.9</FONT></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">2.0</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;Property,
      plant &amp; equipment</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">89.3</FONT></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">60.4</FONT></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">84.5</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;Deferred
      charges</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.3</FONT></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.3</FONT></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.1</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">TOTAL OPERATING
      ASSETS</FONT></B></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">113.0</FONT></B></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">74.8</FONT></B></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">106.5</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">OPERATING
      LIABILITIES</FONT></B></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;Suppliers</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">9.8</FONT></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">3.8</FONT></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">5.6</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;Salaries
      and related contributions</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">5.7</FONT></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">4.6</FONT></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">5.8</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;Taxes</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">3.5</FONT></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">2.6</FONT></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">3.3</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;Other
      accounts payable</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.1</FONT></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">-</font></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.2</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">TOTAL OPERATING
      LIABILITIES</FONT></B></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">19.1</FONT></B></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">11.0</FONT></B></TD>
    <TD width="4%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="sans-serif">14.9</FONT></B></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom">
      <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P align="center"> <B><FONT size=2 face="sans-serif">ULTRACARGO PARTICIPA&Ccedil;&Otilde;ES
  LTDA. <br>
  CONSOLIDATED STATEMENT OF INCOME</FONT></B><font size="2"><br>
  <B><FONT face="sans-serif">In millions of reais - Corporate law</FONT></B> </font></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" colspan=5 width="32%"><B><FONT size=2 face="sans-serif">QUARTERS
      ENDED IN</FONT></B></TD>
    <TD width="3%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" colspan=3 width="21%"><B><FONT size=2 face="sans-serif">ACCUMULATED</FONT></B></TD>
    <TD width="3%"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD colspan=5><HR noshade size=1></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD colspan=3><HR noshade size=1></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" width="9%"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="3%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" width="9%"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="3%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" width="9%"><B><FONT size=2 face="sans-serif">DEC</FONT></B></TD>
    <TD width="3%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" width="9%"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="3%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" width="9%"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="3%"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><HR noshade size=1></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><HR noshade size=1></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><HR noshade size=1></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><HR noshade size=1></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><HR noshade size=1></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" width="9%"><B><FONT size=2 face="sans-serif">2003</FONT></B></TD>
    <TD width="3%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" width="9%"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
    <TD width="3%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" width="9%"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
    <TD width="3%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" width="9%"><B><FONT size=2 face="sans-serif">2003</FONT></B></TD>
    <TD width="3%"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center" width="9%"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
    <TD width="3%"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><HR noshade size=1></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><HR noshade size=1></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><HR noshade size=1></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><HR noshade size=1></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><HR noshade size=1></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="center"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">Net sales</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">41.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">27.7</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">38.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">41.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">27.7</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;Cost
      of sales</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(26.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(16.8</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(25.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(26.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(16.8</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">Gross profit</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">15.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">10.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">13.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">15.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">10.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
      expenses</font></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling</font></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">-</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">-</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">-</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">-</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">-</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
      and administrative</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(8.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(6.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(10.0</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(8.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(6.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
      and amortization</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(0.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(0.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(0.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(0.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">(0.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
      operating results</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.1</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.1</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">EBIT</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">6.7</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">4.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">3.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">6.7</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">4.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">EBITDA</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">10.0</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">7.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">7.0</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">10.0</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">7.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">Depreciation
      and amortization</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">3.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">2.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">3.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">3.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">2.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">RATIOS</FONT></B></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD width="3%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
    <TD align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">Operating
      margin</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">16</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">17</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">9</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">16</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">17</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">EBTIDA margin</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">24</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">26</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">18</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">24</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="9%" align="right" valign="bottom"><FONT size=2 face="sans-serif">26</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
  </TR>
</TABLE>
<P align="center">
<FONT size=1 face="sans-serif">Page 16 of 18</FONT>
</P>
<br>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=2 color=GRAY noshade>
<br>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="90%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong><em>1<sup>st
      </sup>Quarter 03</em></strong> </font>
      <hr align="center" width=100% size=1 noshade color="#000000">
</td>
    <td width="10%" align="left" valign="middle"><img src="ultra_logo2.jpg" width="46" height="47"></td>
  </tr>
</table>
<P align="center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">ULTRAPAR
  PARTICIPA&Ccedil;&Otilde;ES S/A <br>
  CONSOLIDATED INCOME STATEMENT</FONT></B> <br>
  <B><FONT size=2 face="sans-serif">In millions of US dollars (except per share
  data) - Corporate law</FONT></B> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD colspan="5" align="center" valign="bottom"><strong><font size="2" face="sans-serif">QUARTERS
      ENDED IN</font></strong></TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD colspan="3" align="center" valign="bottom"><strong><font size="2" face="sans-serif">ACCUMULATED</font></strong></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD colspan="5" align="center" valign="bottom"><HR noshade size=1></TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD colspan="3" align="center" valign="bottom"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%">&nbsp;</TD>
    <TD width="10%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">DEC</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">MAR</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%">&nbsp;</TD>
    <TD width="10%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="2" align="center"><B><FONT size=2 face="sans-serif">(US$ millions)</FONT></B></TD>
    <TD width="8%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2003</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2003</FONT></B></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="center" valign="bottom"><B><FONT size=2 face="sans-serif">2002</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%">&nbsp;</TD>
    <TD width="10%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD width="3%" align="center" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="center" valign="bottom"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><B><FONT size=2 face="sans-serif">Net
      sales</FONT></B></TD>
    <TD align="center" width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Ultrapar</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">267.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">243.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">247.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">267.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">243.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Ultragaz</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">162.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">164.1</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">151.1</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">162.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">164.1</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Oxiteno</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">95.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">71.1</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">88.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">95.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">71.1</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Ultracargo</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">11.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">11.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">10.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">11.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">11.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><B><FONT size=2 face="sans-serif">EBIT</FONT></B></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Ultrapar</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">25.7</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">22.7</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">29.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">25.7</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">22.7</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Ultragaz</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">4.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">12.8</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">5.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">4.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">12.8</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Oxiteno</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">18.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">7.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">23.0</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">18.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">7.5</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Ultracargo</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.0</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><B><FONT size=2 face="sans-serif">Operating
      margin</FONT></B></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Ultrapar</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">10</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">9</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">12</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">10</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">9</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Ultragaz</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">8</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">4</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">3</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">8</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Oxiteno</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">20</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">11</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">26</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">20</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">11</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Ultracargo</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">16</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">17</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">9</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">16</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">17</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><B><FONT size=2 face="sans-serif">EBITDA</FONT></B></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Ultrapar</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">34.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">34.7</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">38.1</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">34.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">34.7</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Ultragaz</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">10.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">20.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">10.6</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">10.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">20.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Oxiteno</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">21.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">10.8</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">25.3</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">21.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">10.8</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Ultracargo</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">2.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">3.0</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">1.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">2.9</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">3.0</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><B><FONT size=2 face="sans-serif">EBITDA
      margin</FONT></B></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Ultrapar</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">13</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">14</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">15</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">13</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">14</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><FONT size=2 face="sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Ultragaz</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">6</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">12</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">7</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">6</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">12</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Oxiteno</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">22</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">15</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">29</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">22</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">15</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Ultracargo</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">24</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">26</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">18</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">24</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">26</FONT></TD>
    <TD width="3%" align="left" valign="bottom"><font size=2 face="sans-serif">%</font></TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><B><FONT size=2 face="sans-serif">Net
      income</FONT></B></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom"><FONT size=2 face="sans-serif">Ultrapar</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">17.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">10.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">29.4</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">17.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">10.2</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="35%"><FONT size=2 face="sans-serif">Net income/ 1000 shares (US$)</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.25</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.19</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.42</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.25</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
    <TD width="8%" align="right" valign="bottom"><FONT size=2 face="sans-serif">0.19</FONT></TD>
    <TD width="3%" align="left" valign="bottom">&nbsp;</TD>
  </TR>
</TABLE>
<P align="center">
<FONT size=1 face="sans-serif">Page 17 of 18</FONT>
</P>
<br>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="90%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong><em>1<sup>st
      </sup>Quarter 03</em></strong> </font>
      <hr align="center" width=100% size=1 noshade color="#000000">
</td>
    <td width="10%" align="left" valign="middle"><img src="ultra_logo2.jpg" width="46" height="47">
      <hr size=2 color=GRAY noshade></td>
  </tr>
</table>
&nbsp;
<p align="center"><B><FONT size=2 face="sans-serif">ULTRAGAZ PARTICIPA&Ccedil;&Otilde;ES
  S/A <br>
  LOANS, CASH AND MARKETABLE SECURITIES</FONT></B><br>
  <B><FONT size=2 face="sans-serif">In millions of reais - Corporate law</FONT></B>
</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="26%" align="left"><strong><font size="1" face="sans-serif">Loans</font></strong></td>
    <td colspan="6" align="center"><strong><font size="1" face="sans-serif">Balance
      in March/2003</font></strong></td>
    <td width="6%" align="center">&nbsp;</td>
    <td width="6%" align="center">&nbsp;</td>
    <td width="6%" align="center">&nbsp;</td>
    <td width="20%" align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="left"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td colspan="6" align="center"> <hr align="left" width=100% size=1 noshade color="#000000"></td>
    <td width="6%" align="center">&nbsp;</td>
    <td width="6%" align="center">&nbsp;</td>
    <td width="6%" align="center">&nbsp;</td>
    <td width="20%" align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="left">&nbsp;</td>
    <td width="6%" align="center"><strong><font size="1" face="sans-serif">Ultragaz</font></strong></td>
    <td width="6%" align="center"><strong><font size="1" face="sans-serif">Oxiteno</font></strong></td>
    <td width="6%" align="center"><strong><font size="1" face="sans-serif">Ultracargo</font></strong></td>
    <td width="6%" align="center"><strong><font size="1" face="sans-serif">Ultrapar<br>
      Holding</font></strong></td>
    <td width="6%" align="center"><strong><font size="1" face="sans-serif">Other</font></strong></td>
    <td width="6%" align="center"><strong><font size="1" face="sans-serif">Ultrapar<br>
      Consolidated</font></strong></td>
    <td width="6%" align="center"><strong><font size="1" face="sans-serif">Index/<br>
      Currency (*)</font></strong></td>
    <td width="6%" align="center"><strong><font size="1" face="sans-serif">Interest<br>
      Minimum</font></strong></td>
    <td width="6%" align="center"><strong><font size="1" face="sans-serif">Rate
      %<br>
      Maximum</font></strong></td>
    <td width="20%" align="center"><strong><font size="1" face="sans-serif">Maturity
      and<br>
      Amortization Schedule</font></strong></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="left"><strong><font size="1" face="sans-serif">Foreign
      Currency</font></strong></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="left"><font size="1" face="sans-serif">&nbsp;&nbsp;International
      Finance Corporation - IFC</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">17.2</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">17.2</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">US$</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">9.4</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">9.4</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">Semi-annually
      until 2003</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="left"><font size="1" face="sans-serif">&nbsp;&nbsp;Syndicated
      loan</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">205.3</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">205.3</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">US$</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">7.2</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">7.2</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">Semi-annually
      until 2004</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="left" nowrap><font size="1" face="sans-serif"> &nbsp;&nbsp;Financings
      of Inventories and Property<br>
      &nbsp;&nbsp;&nbsp;&nbsp;Plant &amp; Equipment</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">0.2</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">14.7</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">14.9</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">US$</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">5.0</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">8.0</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">Semi-annually
      and Anually until 2004</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="left"><font size="1" face="sans-serif">&nbsp;&nbsp;Export
      prepayment, net of linked operations</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">48.9</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">48.9</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">US$</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">4.1</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">16.3</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">Semi-annually
      and Anually until 2004</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="left"><font size="1" face="sans-serif">&nbsp;&nbsp;National
      Bank for Economic</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="left"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;and
      Social Development - BNDES - Exim</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">16.9</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">16.9</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">US$</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">5.3</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">5.3</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">Quarterly
      up to 2003</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="left"><font size="1" face="sans-serif">&nbsp;&nbsp;National
      Bank for Economic</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="left"><font size="1" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;and
      Social Development - BNDES</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">23.1</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">3.5</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">1.4</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">28.0</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">UMBNDES</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">10.4</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">12.3</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">Monthly until
      2008</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="left"><font size="1" face="sans-serif">&nbsp;&nbsp;Advances
      on Foreign Exchange Contracts</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">113.5</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">113.5</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">US$</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">2.4</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">10.5</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">Maximum of
      230 days</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="center"><font size="1" face="sans-serif"><strong>Subtotal</strong></font></td>
    <td width="6%" align="right"><strong><font size="1" face="sans-serif">228.6</font></strong></td>
    <td width="6%" align="right"><strong><font size="1" face="sans-serif">214.7</font></strong></td>
    <td width="6%" align="right"><strong><font size="1" face="sans-serif">1.4</font></strong></td>
    <td width="6%" align="right"><strong><font size="1" face="sans-serif">-</font></strong></td>
    <td width="6%" align="right"><strong><font size="1" face="sans-serif">-</font></strong></td>
    <td width="6%" align="right"><strong><font size="1" face="sans-serif">444.7</font></strong></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="left"><strong><font size="1" face="sans-serif">Local
      Currency</font></strong></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="left"><font size="1" face="sans-serif">&nbsp;&nbsp;National
      Bank for Economic and Social<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development - BNDES</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">113.4</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">55.6</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">7.3</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">176.3</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">TJLP or IGP-M</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">1.5</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">6.5</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">Monthly, quarterly
      and semi-annually until 2008</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="left"><font size="1" face="sans-serif">&nbsp;&nbsp;Agency
      for Financing Machinery and Equipment<br>
      &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;(FINAME)</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">3.9</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">3.7</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">13.5</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">21.1</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">TJLP</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">1.8</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">4.4</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">Monthly until
      2007</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="center"><font size="1" face="sans-serif"><strong>Subtotal</strong></font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">117.3</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">59.3</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">20.8</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">197.4</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="center"><font size="1" face="sans-serif"><strong>Total</strong></font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">345.9</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">274.0</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">22.2</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">642.1</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="left"><strong><font size="1" face="sans-serif">Composition
      per Annum</font></strong></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="center"><font size="1" face="sans-serif">Up to 1 Year</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">51.9</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">232.7</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">6.6</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">291.2</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="center"><font size="1" face="sans-serif">From 1 to
      2 Years</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">242.7</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">14.6</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">6.1</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">263.4</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="center"><font size="1" face="sans-serif">From 2 to
      3 Years</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">28.1</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">12.1</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">4.6</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">44.8</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="center"><font size="1" face="sans-serif">From 3 to
      4 Years</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">19.4</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">9.4</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">3.6</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">32.4</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="center"><font size="1" face="sans-serif">From 4 to
      5 Years</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">3.8</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">5.2</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">1.3</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">-</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">10.3</font></td>
    <td width="6%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width="26%" align="center"><font size="1" face="sans-serif"><strong>Total</strong></font></td>
    <td width="6%" align="right"><strong><font size="1" face="sans-serif">345.9</font></strong></td>
    <td width="6%" align="right"><strong><font size="1" face="sans-serif">274.0</font></strong></td>
    <td width="6%" align="right"><strong><font size="1" face="sans-serif">22.2</font></strong></td>
    <td width="6%" align="right"><strong><font size="1" face="sans-serif">-</font></strong></td>
    <td width="6%" align="right"><strong><font size="1" face="sans-serif">-</font></strong></td>
    <td width="6%" align="right"><strong><font size="1" face="sans-serif">642.1</font></strong></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="6%" align="right"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="20%" align="center"><font size="1" face="sans-serif">&nbsp;</font></td>
  </tr>
</table>
<p><font size="1" face="sans-serif">(*) TJLP - Long Term Interest Rate / IGPM
  - Market General Price Index / UMBNDES - BNDES Basket of Currencies</font>
<hr align="left" width=100% size=1 noshade color="#000000"></p>
<table width="80%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="32%"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td colspan="6" align="center" valign="bottom"><strong><font size="1" face="sans-serif">Balance
      in March/2003</font></strong></td>
  </tr>
  <tr>
    <td><font size="1" face="sans-serif">&nbsp;</font></td>
    <td colspan="6"> <hr align="left" width=100% size=1 noshade color="#000000">
    </td>
  </tr>
  <tr>
    <td width="32%"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="center" valign="bottom"><strong><font size="1" face="sans-serif">Ultragaz</font></strong></td>
    <td width="8%" align="center" valign="bottom"><strong><font size="1" face="sans-serif">Oxiteno</font></strong></td>
    <td width="8%" align="center" valign="bottom"><strong><font size="1" face="sans-serif">Ultracargo</font></strong></td>
    <td width="8%" align="center" valign="bottom"><strong><font size="1" face="sans-serif">Ultrapar<br>
      Holding </font></strong></td>
    <td width="8%" align="center" valign="bottom"><strong><font size="1" face="sans-serif">Other</font></strong></td>
    <td width="8%" align="center" valign="bottom"><strong><font size="1" face="sans-serif">Ultrapar<br>
      Consolidated </font></strong></td>
  </tr>
  <tr>
    <td><font size="1" face="sans-serif">&nbsp;</font></td>
    <td><font size="1" face="sans-serif">&nbsp;</font></td>
    <td><font size="1" face="sans-serif">&nbsp;</font></td>
    <td><font size="1" face="sans-serif">&nbsp;</font></td>
    <td><font size="1" face="sans-serif">&nbsp;</font></td>
    <td><font size="1" face="sans-serif">&nbsp;</font></td>
    <td><font size="1" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="32%"><strong><font size="1" face="sans-serif">&nbsp;Cash and marketable
      securities </font></strong></td>
    <td width="8%" align="right"><font size="1" face="sans-serif">&nbsp;82.1</font></td>
    <td width="8%" align="right"><font size="1" face="sans-serif">420.3</font></td>
    <td width="8%" align="right"><font size="1" face="sans-serif">18.4</font></td>
    <td width="8%" align="right"><font size="1" face="sans-serif">67.6</font></td>
    <td width="8%" align="right"><font size="1" face="sans-serif">33.4</font></td>
    <td width="8%" align="right"><font size="1" face="sans-serif">621.8</font></td>
  </tr>
</table>
<P align="center">
<FONT size=1 face="sans-serif">Page 18 of 18</FONT>
</P>
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end

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